Colombia needs to expand domestic natural gas production and/or add more LNG import capacity to avoid a potential gas supply deficit, energy experts are warning. “Currently, Colombia is on course to run short of domestic gas this decade, with a gap between gas supply, including import capacity, and demand of 560 MMcf/d projected for 2030,”…
Colombia
Articles from Colombia
Lack of Investor Interest Inhibits Colombia’s Plan to Boost LNG Imports
Colombia needs more natural gas imports to meet growing power demand as El Niño-influenced weather conditions have resulted in water shortages, necessitating a shift away from hydroelectricity. The trend has put pressure on already constrained gas supplies in the country. But a recent proposal to add import capacity with a second LNG terminal received only…
Colombia’s Ecopetrol Sticking to Natural Gas Strategy Amid Changes in Energy Sector
Colombia’s Ecopetrol SA kept adding oil and gas production in the third quarter. In an earnings call last month, CEO Felipe Bayón cited deepwater gas discoveries in the Caribbean in the Gorgon-2 with partner Shell plc, and another find by subsidiary Hocol SA in Cordoba department. He said this reiterates “Colombia’s potential for gas, the…
As Some Nations Move to Permit Fracking, Colombia Takes Steps to Ban Unconventional Technique
Colombia’s state oil and gas firm Ecopetrol SA has decided to pause its hydraulic fracturing (fracking) pilots for 90 days. Ecopetrol was involved in two horizontal drilling pilot programs, Kalé and Platero, in conjunction with ExxonMobil. Colombia has 55 Tcf of technically recoverable shale gas resources, which would place it fifth in South America, according…
Latin American National Oil Companies Booming, but Stymied by Politics
National oil companies (NOCs) in Latin America enjoyed record profits in the second quarter on the back of high oil and gas prices, but they remain under pressure from governments facing economic crises. The high oil and gas price environment “has come with a downside which is that in the domestic market, it is very…
Colombia’s Petro Promises to Revamp Nation’s Energy Sector
Former Bogotá Mayor Gustavo Petro beat businessman and Tik-Tok star Rodolfo Hernández earlier this month to become Colombia’s first leftist president with promises to upend the country’s oil and gas sector. Petro proposes “a very significant change in the energy sector,” Sergio Guzman, the director of local risk consultancy Colombia Risk Analysis told NGI. During…
Colombia’s Ecopetrol, Oxy Teaming Up On Deepwater Exploration as Natural Gas Takes Center Stage
Colombian national oil company Ecopetrol SA and a unit of Occidental Petroleum Corp. (Oxy) have signed a deal to jointly explore four deepwater areas in the Caribbean. Blocks COL 1, COL 2, COL 6 and COL 7 are located, on average, about 150 kilometers or 93 miles off Colombia’s northern coast. The companies, which also…
Colombia’s Oil, Natural Gas Reserves Said Rapidly Dwindling
Colombia’s oil and gas production along with its proven reserves are falling and investment will likely fail to recover to pre-Covid-19 pandemic levels this decade, according to new analysis from Rystad Energy. Colombia is Latin America’s third-largest oil and gas producer behind Brazil and Mexico, but crude oil production this year is on track to…
Colombia’s Ecopetrol Upping Oil, Natural Gas Production, Increasing Capex
Colombia’s state oil company Ecopetrol SA has recovered from a production blip in the second quarter and is upping capital expenditures (capex) for 2022 executives said during a recent conference call. Months of anti-government protests starting in late April hampered oil and gas activity in the country in the first half of this year. However,…
Ecopetrol Shows Strong Permian Results, Rebound from Colombia Disruptions
Colombia’s Ecopetrol SA saw its production take a hit in the second quarter because of social unrest in the country but management foresees a strong recovery this year. Ecopetrol was also boosted in the second quarter by its joint venture (JV) with Occidental Petroleum Corp. in the Permian Basin’s Midland formation in West Texas. “Social…