Canada’s Gran Tierra will continue its exploration drilling in Colombia over the coming quarters, regardless of a government proposal to stop issuing new drilling licenses, CEO Gary Guidry said Thursday.

President Gustavo Petro, who took office on August 7, has vowed to end bidding for new E&P contracts and raise taxes on producers, as part of broader plans to prioritize investment in renewable energies.

“Petro has made it clear that there will be no new exploration projects in Colombia, [mas] Gran Tierra is in a very strong position,” Guidry said on a quarterly earnings call.

“We focus on the three basins in Colombia. The Putumayo basin is the largest for us, but we also have assets in the Middle Magdalena and Llanos basins. We have an inventory of areas we plan to drill over the next two years,” the CEO added. “Chairman Petro hasn’t said anything about existing land and we’ve found that to be normal business for regulators and government, who are cooperating with what we’re doing.”

Colombia is home to 100% of current Gran Tierra production, which comes primarily from blocks located in the Middle Magdalena and Putumayo Valley basins.

The company also holds a 100% operating interest in the Charapa, Chanangue and Iguana exploration blocks – which represent a combined area of ​​140,000 acres (57,000 hectares) – in Ecuador’s Oriente Basin.

This is where Gran Tierra can focus, as the company seeks to fulfill a 14-well commitment.

“We are quite comfortable with what we are doing in Ecuador and where we are going in terms of our outlook today and in terms of what we expect for next year,” Guidry said.

“We are planning four more wells in Ecuador. It can certainly increase, with the success we have had,” he concluded.