This client update is a collaboration between Baker Botts and Brigard & Urrutia. For more information, please contact Baker Botts lawyers María Carolina Durán, Alejandro Escobar, Jennifer Haworth McCandless, Carlos Solé or Natalia Zuleta or Brigard & Urrutia lawyers Carlos Umaña Trujillo, María Victoria Munevar Torrado or Juan Carlos Padilla Uricoechea.

Since taking office on August 7, 2026, President Abelardo De la Espriella’s administration has signaled a shift toward greater private and foreign investment in Colombia, particularly in energy, hydrocarbons, mining and critical minerals, and infrastructure. Initial measures and proposals seek to reactivate hydrocarbon exploration and production, accelerate gas and infrastructure projects, and remove certain mining restrictions. These initiatives could create significant opportunities, although many remain subject to regulatory implementation, legislative approval, permitting, consultation requirements, and judicial scrutiny. Our Baker Botts and Brigard & Urrutia teams are readily available to advise clients on these issues.

Energy and hydrocarbons. The Government has signaled a pro-hydrocarbon approach and expressed support for reviving fracking and prioritizing oil and gas exploration and production. This policy shift from the previous Government could create opportunities through the expansion of existing contracts, the development of new exploration and production contracts, the creation of joint ventures and farm-ins, and an increase in demand for oilfield and related services.

The Government has also begun addressing projects already in the pipeline. On August 26, 2026, the National Hydrocarbons Agency (ANH) established a multidisciplinary Strategic Group for the Acceleration of Gas Projects to identify and address contractual, technical, environmental, and social bottlenecks affecting previously awarded projects. The group will prioritize projects with the greatest potential to contribute additional gas volumes in the short and medium term, while other projects will continue to proceed under existing procedures. The initiative could facilitate the development of existing onshore and offshore projects.

Offshore gas in the Colombian Caribbean represents another potentially significant investment opportunity. Recent resource discoveries reinforce the region’s gas potential and could generate opportunities across the value chain, including upstream development, subsea services, pipelines, LNG infrastructure, and related services.

The Government has likewise signaled support for advancing the exploration for and exploitation of unconventional hydrocarbon deposits through fracking, although a bill introduced by the previous administration to prohibit the practice remains pending before Congress. While the legislative outlook remains uncertain, the Government retains authority to advance the existing regulatory framework and to process the necessary permits and authorizations. In parallel, the Government is seeking to facilitate pending natural-gas import projects that could help stabilize domestic supply in the short and medium term.

Mining and critical minerals for the energy transition. On September 3, 2026, the Ministry of Mines and Energy announced that it had begun the process of repealing ten resolutions that restricted mining activities in Special Mining Districts for Productive Diversification, a measure that could expand opportunities for mineral exploration and the acquisition of new mining titles. This change would not, however, eliminate environmental licensing, prior consultation, territorial coordination, or security considerations applicable to individual projects.

Colombia is also seeking to position itself within international supply chains for critical and rare-earth minerals. On September 8, 2026, Colombia and the United States entered into a memorandum of understanding establishing a cooperation framework covering geological knowledge, identification of investment opportunities, value-added processing, and diversification of critical-mineral supply chains. Although the arrangement does not constitute a binding investment commitment, it could support future opportunities in exploration, processing, and related supply-chain infrastructure.

Infrastructure and transportation. The change in leadership at the National Infrastructure Agency (ANI) comes at a pivotal moment, as the Government inherits a substantial pipeline of road, airport, rail, and other multimodal infrastructure projects. Of particular relevance is Colombia’s 5G road and transportation concession program, valued at approximately COP 45.7 trillion (USD 14.5 billion) and comprising 13 projects, eight of which had reported no progress as of December 2025. The pipeline presents significant opportunities for sponsors, operators, EPC contractors, and lenders, while the delays to date underscore ongoing challenges related to funding disbursements, financial closure, and permitting.

Large investment incentive regime. The private sector, including industry association Naturgas, is developing a proposal inspired by Argentina’s RIGI. According to Naturgas, the contemplated regime could apply to investments in energy, mining, hydrocarbons, infrastructure, and technology, with a minimum investment threshold of US$150 million, legal and regulatory stability for 30 years or more, and potential tax, customs, and foreign-exchange incentives. However, the proposal has not yet been formally introduced before Congress and does not currently constitute Government policy. Its scope, eligibility requirements, incentives, and other terms therefore remain subject to Government review and the legislative process.

Regulatory risks and investment protection. Major projects will continue to face important regulatory considerations, particularly in relation to environmental licensing and prior consultation with communities. The Government has proposed allowing these processes to proceed in parallel and independently, potentially shortening project timelines. Any reform, however, will need to comply with ILO Convention 169 and Colombian constitutional jurisprudence and could therefore face constitutional and judicial challenges.

Against this backdrop, foreign investors should consider investment protection from the outset. Depending on the investor’s nationality, corporate structure, and applicable treaties, investments in Colombia may benefit from international law protections and access to dispute-resolution mechanisms, including ICSID or UNCITRAL arbitration where applicable. Investors should therefore assess treaty coverage, contractual protections, and dispute-resolution mechanisms before committing capital or executing definitive agreements.

Baker Botts’ Global Projects and International Disputes teams, together with Brigard & Urrutia, are available to assist clients with investment structuring, project development, financing, contractual protections, and dispute-resolution strategies designed to support and protect investments throughout the project lifecycle. Please contact us to discuss potential opportunities or how best to develop and protect a proposed investment.

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