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Ecopetrol (NYSE:EC) announced “the largest gas discovery found in the last 28 years in Colombian territory,” but the announcement just might be larger than the importance of the discovery itself.

The country has been waiting for offshore exploration results with optimism. Ecopetrol (NYSE: EC) announced the first big finding of the offshore exploration campaign.

In addition to considering that there could be a gas shortage in the country by 2018, the Comptroller General showed its concern about the effects that delays in the planning and implementation of new gas projects could have.

The topic of the year so far is gas. EPM is the second largest gas distributor in Colombia. Carlos Arturo Diaz, Vice President of Gas at EPM, spoke about goals and challenges for this year.

Canacol Energy Ltda (TSX: CNE) announced an agreement to a 50% farm-in with Pacific Exploration and Production (TSX: PEN) for a gas block near its other properties.

Valle del Cauca business associations defended the construction of the Pacific coast regasification plant because according to them, is an important competitiveness element for Colombia.

GasYesterday we discussed crude oil production based on the March 2017 MinMinas press release. This release also gives the gas ‘production’ figures and allows us to update this graph.

GasEcopetrol’s (NYSE:EC) Exploration Vice President, Max Torres, said that gas discoveries in offshore wells could help meet domestic demand, since a gas deficit is expected by 2021.

GasOrlando Cabrales, President of Naturgas, said that the sector’s offshore plans for this year are historical for the country. The industry is optimistic about the possible results of these projects.

Germán Castro, Executive Director of the Energy and Gas Regulatory Commission (CREG) spoke about regasification plants in Colombia, the government’s priorities and the sector’s perspectives on this.