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Colombia’s energy future may be on the cusp of a significant boost, thanks to the largest gas discovery in the country’s history.

Despite the recent discovery of significant natural gas reserves off the Colombian Caribbean coast, Ecopetrol’s (NYSE: EC) president, Ricardo Roa, announced that Colombia will need to continue importing gas for at least five more years.

The Mining and Energy Planning Unit (UPME) awarded audit contracts for five key infrastructure projects as part of Colombia’s National Gas Supply Plan (IPAT). These projects are essential for expanding the country’s natural gas transportation capacity and ensuring reliable supply across different regions.

The Terpel Foundation recently celebrated its 20th anniversary, marking two decades of significant contributions to education in Colombia.

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.