Thursday, October 10th, 2024
Colombia’s energy future may be on the cusp of a significant boost, thanks to the largest gas discovery in the country’s history.
The Colombian Government, through the Ministries of Finance (MinHacienda) and Mines and Energy (MinEnergia), submitted a budget proposal for royalties.
President Gustavo Petro delivered a message to Ecopetrol (NYSE: EC).
Orlando Velandia, President of Colombia’s National Hydrocarbons Agency (ANH), described the latest gas discovery figures from Ecopetrol (NYSE: EC) and Petrobras (NYSE: PBR) as “good news” for the country.
As Colombia faces a looming gas shortage and the risk of electricity outages, the country’s energy sector is under immense pressure to find solutions. The current situation has a grim outlook, as challenges surrounding both gas and electricity supply intensify.
Colombia is facing a critical energy situation, with warnings from key stakeholders in the hydrocarbons and electricity sectors about a potential natural gas deficit by 2025.
Colombia announced its largest natural gas discovery in three decades, a find that could double the nation’s reserves and sustain its gas supply for up to 40 years.
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