ACP statement regarding declarations from the Comptroller General of the Republic

In response to the statement made by the outgoing Comptroller General of the Republic, Edgardo Maya, regarding unconventional deposits and the technique of hydraulic fracturing (fracking), the Colombian Petroleum Association, ACP, wishes to clarify to the public:

1. It is necessary to differentiate the exploration and exploitation (production) stages within hydrocarbon projects. Unlike what the Comptroller General has stated, there are no unconventional reservoir projects in the country at the production stage, so his request to suspend the exploitation of these reservoirs using techniques such as fracking.

2. What is currently being sought in Colombia is to verify, through the exploratory phase, whether the country actually has hydrocarbons in this type of reservoir, which would allow for decisions to be made regarding subsequent production.

3. It is important to clarify that Colombia has been under a moratorium of de facto, for nearly 10 years, considering that environmental licenses for exploration have not been issued, despite having impact studies, and a strict and robust regulatory framework that incorporates the highest international standards, resulting from a construction process of more than six years by various entities of the National Government.

4. In light of the Comptroller's statements, which indicate that institutions in the country are not prepared for the control and monitoring of activities related to unconventional reservoirs, it is unfortunate that the advances in Colombian institutionalism are overlooked, which has been preparing for a decade in technical strengthening to respond coherently to the public policy signals issued to attract investment, and is ready to advance in the exploratory phase, just as it is working on a Readiness Plan for production.

5. It is also noteworthy that an entity whose responsibility is to oversee fiscal management does not recognize the macroeconomic importance of developing unconventional reservoirs for Colombia. The potential of these sources could at least triple current reserves, ensuring energy self-sufficiency, fiscal sustainability, and the generation of resources and jobs that support the country's development.

6. We reiterate our invitation to address the discussion of this important topic responsibly, with the knowledge, technical rigor, and academic standards it deserves. We understand the concerns that this issue may generate in public opinion and the need to clarify the doubts that persist; from the industry, we are the most interested in this.