President Gustavo Petro requested that state-owned Ecopetrol substantially reduce internal natural gas prices as Colombia confronts a growing gas shortage forcing dependence on costlier imports. According to the country’s commodities exchange, internal gas production is projected to fall up to 20% below demand next year.
Ecopetrol received the “Gold Standard” recognition for the third consecutive year for its advances in methane emissions management, detailed measurement plan implementation, reporting quality and transparency, and establishment of reduction targets. The recognition is granted by the Oil and Gas Methane Partnership (OGMP 2.0), an initiative led by the United Nations Environment Programme.
The NOC published a press release that set the stage for the Ministry’s announcement of increased gas declarations.
Just before the end of December, the NOC published a press release on this important potential source of new gas.
Fitch Ratings downgraded multiple Colombian energy companies following the country’s sovereign rating reduction, with Ecopetrol, Grupo Energía Bogotá (GEB), and Enel Colombia among those affected. The rating actions reflect these companies’ close ties to the Colombian state and its deteriorating credit profile.
State oil company Ecopetrol assumed sole responsibility for several offshore exploration and production gas projects in Colombia’s Caribbean following Shell’s formal departure as partner in these contracts.
Ecopetrol announced a 37% expansion in natural gas supply for Colombia’s residential and commercial sectors, increasing from 133 GBTUd to 182 GBTUd starting December 2025.
While IATA Director General Willie Walsh warned that disappointing progress in Sustainable Aviation Fuel (SAF) production threatens the airline industry’s environmental goals, Colombia emerges as a potentially crucial player to address the global supply shortage.
President Gustavo Petro defended his government’s economic achievements while directly attributing Ecopetrol’s declining profits to the state oil company’s failure to adopt the energy transition he advocates.
Ecopetrol faces mounting production costs as natural field decline in Colombia combines with insufficient incorporation of new projects, reducing profitability per barrel and increasing exposure to international oil price volatility.
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