New Colombia oil rounds a matter of 'energy sovereignty'

Colombian petroleum engineers' association Acipet has reiterated calls for new oil and gas licensing rounds to guarantee the South American country's long-term energy security. 

The latest official hydrocarbon reserves, published last week, show self-sufficiency of 7.5 years for oil and 7.2 years for gas, down from 7.6 and 8.0 years a year earlier.

"Exploration efforts must continue and be strengthened through the signing of new E&P [exploration and production] contracts that allow extending the period of self-sufficiency of hydrocarbons, guaranteeing energy sovereignty and ... the transition towards a sustainable, balanced energy mix, according to the needs of the country," Acipet said in a statement. 

The comments follow the announcement of a new heavy oil discovery by state-run Ecopetrol and Spanish partner Repsol in central Meta department. 

Acipet said the potential size of the resource would only be known following the execution of an evaluation plan and testing. 

Earlier, president Gustavo Petro said the discovery proved Colombia no longer needed to sign new exploration contracts.  

Since assuming office last August, Petro has kept a promise to stop issuing E&P licenses as part of broader efforts to accelerate the clean energy transition. 

"The increase in reserves does not depend on the signing of new exploration contracts, which would work in the long term," Petro tweeted. "What works in the next decade is the efficient [progress] of existing exploration contracts," he added.