III Great ACP Forum: Sustainability Facts A boost to sustainable development and a fair energy transition

The III Great ACP Forum was a complete success. In June in Barranquilla, the event around Sustainability Facts brought together officials from the national Government, leaders from the hydrocarbons sector, sustainability experts, and various regional actors to reflect on the role of oil, gas, and liquid fuels in sustainable development and the energy transition in Colombia. At the closing of the third edition of the Forum, Frank Pearl, president of the ACP, highlighted the importance of an honest and constructive dialogue around the energy transition and emphasized the need for it to be a strategic, gradual process aligned with local realities. At the meeting, which had the department of Putumayo as the invited region, the “Sustainability Facts” awards were also presented to initiatives from companies in the sector recognized for their contribution to the Sustainable Development Goals.

Regional agenda

Inter-institutional meeting of the hydrocarbons sector with regional leaders

More than 120 mayors and governors from oil and gas producing regions met in Bogotá with entities from the national Government, unions, and companies from the hydrocarbons industry during the “Regional Leaders Meeting: Governance, Sustainable Development, and Energy Transition” in March, led by the National Hydrocarbons Agency (ANH) and the Colombian Association of Oil and Gas (ACP). During the event, the sector reaffirmed its commitment to the progress and well-being of communities. Attendees agreed on the importance of effective collaboration to execute high-impact social programs and strengthen territorial development, with a comprehensive focus on overcoming poverty and a just energy transition.

Strengthening of indigenous communities in Puerto Gaitán, Meta

As part of a strategic alliance with the companies Frontera Energy, Hocol, Cepsa, and Tecpetrol, aimed at promoting the development and strengthening of indigenous communities in Puerto Gaitán, Meta, the Colombian Association of Oil and Gas (ACP) provided supplies and maintained the headquarters of the indigenous organization ASOUNUMA, as part of an initiative that includes improving the management and direction system of the organization, benefiting 10 reserves, five councils, and three indigenous settlements in the region. This strategy is an example of the sector's commitment to the well-being and preservation of indigenous communities, supporting their formalization and entrepreneurship, as well as their participation in territorial development processes.

Trends report

Investment in hydrocarbons, key to energy security and fiscal sustainability of Colombia

The ACP's economic report on trends and investment prospects in exploration and production of hydrocarbons in the country, presented in August, concluded that to ensure the energy security of Colombians and the fiscal sustainability of the Nation, it is essential to encourage investments in the hydrocarbons sector. Despite its importance, the analysis showed that, at the current pace, the estimates for 2024 will not be met, contrary to the global dynamics in which countries have resumed investments in oil and gas. Additionally, it highlighted that exploration is fundamental to ensure the incorporation of new reserves. In light of this situation, the document emphasizes the importance of encouraging exploration, improving operational safety, and ensuring a favorable environment for investment, among other recommendations.

Economic report on gas

A call to ensure gas self-sufficiency in Colombia

With the presentation of the report “Towards gas self-sufficiency: projects and measures to achieve it,” the Colombian Association of Petroleum and Gas (ACP) warned of the urgent need to act to guarantee gas self-sufficiency in Colombia and avoid a deficit in the near future. In the document, the association proposed key actions to increase supply, improve infrastructure, stimulate the market, and develop offshore resources. It also highlighted the importance of natural gas in the country's energy transition, its role in improving the quality of life for Colombians, and the development of other economic sectors. The publication highlighted 18 projects from private companies that could add up to 250 million cubic feet of gas per day to the market in the short and medium term, and emphasized that the development of offshore gas provinces is crucial to ensure long-term supply.