Former Bogotá Mayor Gustavo Petro beat businessman and Tik-Tok star Rodolfo Hernández earlier this month to become Colombia’s first leftist president with promises to upend the country’s oil and gas sector.


Petro proposes “a very significant change in the energy sector,” Sergio Guzman, the director of local risk consultancy Colombia Risk Analysis told NGI.

During campaigning, Petro said he would end new oil and gas contracts. He also said he would ban hydraulic fracturing (fracking) pilots and offshore drilling.

“That’s going to create quite a significant shock,” Guzman said. About 80% of the country’s export basket is related to oil, gas and coal products, and their derivatives, he noted.

Colombia’s state-owned Ecopetrol SA recorded total production of...