News and AnalysIs for

Colombia has taken a significant step towards sustainable aviation with the production of its first batch of synthetic aviation fuel (SAF) at the Cartagena refinery.

For the first time in 45 years, imported natural gas will be used in Colombia to meet domestic demand across households, vehicles, and commercial sectors. This historic shift highlights growing concerns about the country’s ability to sustain its energy needs through local production.

During his address at the Infrastructure Congress in Cartagena, Colombian President Gustavo Petro highlighted a significant transition in the nation’s economic model, moving away from its long-standing dependence on oil and coal.

Statistically we do not have the final numbers. We do not even have the November numbers. And although we should be getting to the government quiet period for year-end holidays, anything could still happen. But we have a tradition of a “year-end wrap up” before the holidays so we can do our “Fearless Forecasts” in early January.

Ecopetrol (NYSE: EC) and Petrobras International Braspetro B.V. (NYSE: PBR) – Sucursal Colombia confirmed the largest gas discovery in Colombia’s history with the drilling of the Sirius-2 well in the Caribbean region.

Canacol Energy Ltd. (TSX: CNE) provided an update on its exploration and development drilling programs. The company continues to make progress with multiple key wells.

Promigas, a leader in the natural gas and energy sector, celebrated its 50th anniversary in Barranquilla, Colombia.

Ecopetrol (NYSE: EC) faces significant hurdles: a 25% drop in profits and a 9% revenue decrease in 2024’s first nine months, compounded by a 25% plummet in stock value since mid-year.

A report by Promigas has revealed that between 2023 and July 2024, Colombia saw 15 new discoveries of oil and gas projects. Of these, 12 were onshore, while three were located offshore, deep beneath the Caribbean seabed.

Gran Tierra Energy Inc. (TSX: GTE) announced advances in its projects in Ecuador and Canada.