Wednesday, July 2nd, 2025
The discovery of the Sirius offshore gas field in Colombia’s Caribbean waters has been hailed as a breakthrough for the country’s energy future. With an estimated output of 450mmcfd, about 45% of the national demand, the project promises to provide short-term relief amid growing concerns about domestic gas shortages.
Colombia’s natural gas supply is facing a growing crisis, with a projected shortfall of 20% by 2026, according to the Gas Market Operator (GMO) under the Bolsa Mercantil de Colombia.
At the 27th Congress of the National Association of Public Utility and Communication Companies (Andesco), Ecopetrol President (NYSE: EC) Ricardo Roa announced that Colombia will need to import natural gas to meet domestic demand until at least 2034. The decision comes in response to declining production, the lack of new exploration and production contracts, and an overall loss of energy self-sufficiency.
Despite swirling speculation in recent weeks about his potential departure, Ricardo Roa, President of Ecopetrol (NYSE: EC), firmly denied any plans to resign from his position at the helm of Colombia’s largest state-owned company.
S&P Global Ratings has downgraded Ecopetrol’s credit rating from ‘BB+’ to ‘BB’, citing increased exposure to Colombia’s sovereign credit deterioration.
A growing number of Colombian businesses are being impacted by rising insecurity, according to the latest Joint Industrial Opinion Survey (EOIC) conducted by the National Business Association of Colombia (ANDI).
In 2024, Colombia’s oil and gas industry experienced an alarming escalation in social unrest, with blockades and disruptions surging by 151% compared to the previous year.
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