A national consensus is necessary for Colombia to achieve the transitions it requires: Frank Pearl, president of the ACP

During the VII Summit of Oil, Gas, and Energy, Frank Pearl, president of the Colombian Association of Oil and Gas (ACP), presented Colombia's strategic vision for a gradual and sustainable energy transition that fits the realities of the country and emphasized that «A national consensus is necessary for Colombia to achieve the transitions it requires,» while highlighting the contribution of the hydrocarbon industry to the social, economic, and environmental development of the country.

In his speech, Pearl stressed that Colombia faces a unique challenge: advancing towards energy sustainability without compromising the fiscal stability or economic security of the nation. «The transition is not only energy-related; it must also be economic and social,» Pearl stated.

Crucial role of oil and gas in the Colombian economy

In his address, Pearl emphasized that oil and gas continue to be fundamental pillars for the fiscal, exchange rate, and macroeconomic stability of the country. The revenues generated by the hydrocarbon sector in 2023, for example, were 57 trillion pesos, which accounted for 21% of the Nation's current income. «The sector is essential for the well-being of millions of Colombians,» Pearl noted. Of every $100 that comes from Foreign Direct Investment, $18 corresponds to the Oil and Gas sector.

An energy transition in the Colombian way

One of the most relevant points was the call for a gradual transition. According to Pearl, the complementarity of traditional energy sources with renewable sources is essential to ensure the country's energy self-sufficiency in the coming years. «Natural gas is a national bet,» Pearl stated, pointing out that this resource will play a strategic role in the transition, due to its ability to serve as a transitional energy source while clean technologies such as hydrogen and geothermal energy are developed.

Frank Pearl also emphasized that Colombia has the potential to be energy self-sufficient. «We have what it takes to be self-sufficient,» he stated, referring to the strategic role of natural gas in the country's energy matrix. This resource, in addition to being key for the transition to cleaner energies, will ensure Colombia's energy security while renewable sources such as hydrogen and geothermal energy are developed and consolidated.

energy of Colombia while renewable sources such as hydrogen and geothermal energy are developed and consolidated.

The event, which brings together more than 3,000 attendees and is organized by the ACP, the Colombian Chamber of Oil Goods and Services (Campetrol), the Colombian Association of Geologists and Geophysicists of Oil (ACGGP), and the Colombian Association of Engineers (ACEIM), has established itself as the main forum to discuss the challenges and opportunities of the energy sector in the country.