Government and hydrocarbon industry, on the right path to reactivating the sector and the country's economy.

The Colombian Petroleum Association (ACP), its affiliated companies, and Ecopetrol held this Tuesday the second working meeting with the President of the Republic, Iván Duque Márquez, and part of his ministerial cabinet; in which the progress in the reactivation of the oil and gas industry, achieved during the first eight months of government, as well as the challenges they will work on together were highlighted.

• Second meeting between the oil and gas industry and President Duque.
• Key government decisions drive the reactivation of the hydrocarbon industry, a fundamental sector for the dynamization of the country's economy and investment.

President Duque and the hydrocarbon industry highlighted that after four years without assigning new areas, the Ministry of Mines and Energy and the National Hydrocarbons Agency (ANH) launched an offer of 20 blocks under the Permanent Area Assignment Procedure, a scheme that will allow companies to submit their bids to the authority at any time, and will also streamline processes and enhance competitiveness in the sector.

Likewise, among the advances achieved is the signing of five offshore exploration and production contracts in the Caribbean Sea this year, between companies in the sector and the ANH. For the president, this constitutes a development opportunity for the goods and services sector, and the possibility for Colombia to become an example for other countries in the region in the development of offshore activity.

Another important advance for the country, especially for the regions, is the submission of the Legislative Act for Reform of the General System of Royalties (SGR) by the National Government on April 4. For the ACP, this project aligns with the proposal worked on by the industry from the regions, where Regional Meetings are being held: united for sustainable development, a space for dialogue with communities and local authorities about the need for a reform of the SGR.

Finally, President Duque and the industry agreed that the report presented by the Commission of Experts on the development of unconventional reservoirs in Colombia is a positive step in the roadmap that the country must take regarding the implementation of pilot projects, taking into account the Commission's recommendations, mainly on environmental and social issues.

“In these eight months of President Duque's government, there have been many advances and achievements reached jointly. It is evident that the industry is in a process of reactivation, which is essential to continue stimulating the economy and investment, and to maintain fiscal stability, factors that thanks to this government are already showing positive signs,” concluded the president of the ACP, Francisco José Lloreda Mera.