The recent halt on new hydrocarbon exploration contracts by the Petro administration in Colombia has ignited a debate on the country’s energy sovereignty. This decision has significant implications for the future of Colombia’s energy sector.
Ecopetrol has outlined a plan to secure gas supplies until 2034, anticipating a shortfall of 83 Gbtud by 2025. Domestic sources are expected to cover 61 Gbtud, with an additional 100 Gbtud to come from imports via regasification and potentially the Antonio Ricaurte pipeline from Venezuela. Offshore discoveries like Uchuva, Gorgon, and Glaucus are projected to boost gas supply from 2029 onwards.
Colombia faces challenges in maintaining oil and gas production levels, with a decline in the number of oil-producing fields and a significant drop in reserves in 2023. The importance of prioritizing gas development, accelerating exploration, and enabling viable external sources has been emphasized to ensure a reliable and competitive energy supply in the short and medium term.
It is crucial for Colombia to overcome regulatory and logistical obstacles through collaboration between the government and the private sector to secure energy sovereignty and meet rising demand.