The year 2021 will be a year of reactivation and recovery, where the role of the sector will be fundamental

The President of the Republic, Iván Duque Márquez, closed the III Oil and Gas Summit with a message of optimism and highlighting the importance of the sector for the country's economic reactivation in the post-pandemic.

• With the intervention of the President of the Republic, the third version of the Oil and Gas Summit, visions of a new reality, came to an end.
• The President acknowledged the importance of the sector, highlighted the adaptation process it has undergone during the pandemic, and indicated that this will be key in the country's reactivation process.
• The President of the ACP and representative of the Oil Guild Committee, Francisco Lloreda, emphasized the importance of a realistic energy transition and achieving minimum consensus on energy policy.

President Duque expressed his recognition to the industry for its adaptation amid the pandemic, the crisis of prices, and the demand generated. “I am proud of what the sector has been doing. We have adopted the reforms and measures so that the sector continues to look to the future with optimism,” he emphasized.

At the same time, the Head of State indicated that 2021 will be a year of reactivation and recovery, where the role of the sector will be fundamental. “We want the sector to continue investing, that the auctions of fields advance, that investment effectively reaches the basins, and that the reforms undertaken allow citizens and communities to anticipate the arrival of royalties with significant works for their present and future,” he specified.

Regarding advances in regulatory matters, the President highlighted the progress that has been made in his Government, including the promotion of exploratory activity. offshore, the reform of royalties, and the call for the Commission of Experts on the technique of fracking.

“It's not about saying yes or no to fracking, but rather to advance the Comprehensive Research Pilot Projects, so that, as a result of the research and fieldwork, we can decide the roadmap for unconventional deposits. This shows that in Colombia there is a discussion that is not ideological, that is not based on prejudices, but rather seeks to ensure that any development of nature is done with scientific and responsible information, to produce the impact we want in our territory,” said the president.

Finally, the head of state indicated that the Government is aware of challenges such as climate change and highlighted that an environmental protection agenda, a fight against deforestation, and the planting of 180 million trees is underway. At the same time, he indicated that “this agenda is harmonious with bringing more investment and knowing how to develop the hydrocarbon sector.”.

At the closing event, the executive president of the ACP and representative of the Oil Guild Committee - CGP, Francisco José Lloreda Mera, reiterated that the industry is committed to being a key player in the reactivation and indicated that, for this to be possible, it is necessary to work on three fronts: a realistic energy transition, and to achieve minimum consensus among state entities on energy policy - otherwise legal security will become increasingly vulnerable - and political and social coherence on the importance of the oil and gas industry.

The guild leader highlighted the country's progress in energy transformation and indicated that there is a need for commitment to reduce Greenhouse Gas - GHG emissions from all economic sectors and not just from the mining-energy sector. 

“Hydrocarbons are not the enemy of the energy transition: they are its best ally. Not only because this transition requires resources, but because solar and wind, due to their intermittency, do not guarantee reliability in electricity supply. We need oil and gas for the country to function, to help finance development and advance in a realistic transition. We can take advantage of oil and gas and move forward with new sources, a mix that allows the country the greatest benefit,” said Lloreda Mera.

The president of the ACP recalled that the mining-energy sector represents 56 percent of exports, 12 percent of national income, and 35 percent of foreign direct investment, in addition to royalty resources; therefore, he drew attention to the opportunity the country has for its development based on oil and gas. In this sense, he indicated that the Government and the country have the industry “to turn adversity into opportunity, to complete the pending tasks of the sector, and to work for a realistic and coherent vision in the strategic use of hydrocarbons, for the benefit of Colombia.”.

 

#NuevaRealidadEs to be able to count on the presence of Iván Duque Márquez, President of the Republic of Colombia at the most important event in the hydrocarbon sector, the III Oil and Gas Summit. Thank you, President. @IvanDuque @infopresidencia, for your participation. pic.twitter.com/EPcwPxMMEI

— Colombian Petroleum Association (@ACP_Colombia) November 20, 2020