News and AnalysIs for

Promigas posted stable financial results for 2025 – revenues of CoP$6.7T (+1%), net profit up 2% to CoP$1.07T, and EBITDA flat at CoP$2.4T – but the more significant strategic story is the company’s deepening transformation from a pure-play gas infrastructure operator into a diversified energy platform, even as its gas operations delivered some of their most consequential results to date.

A trade dispute between Colombia and Ecuador is imposing significant operational and cost penalties on oil producers in Putumayo, forcing Ecopetrol and GeoPark to reroute production through longer, more expensive domestic corridors instead of the Sistema de Oleoducto Transecuatoriano (SOTE) that has historically been the basin’s primary export pathway.

Ecopetrol’s regasification strategy has been forced into a pivot: the Coveñas project in Sucre, which had been billed as a 110 MMcfd import terminal, has effectively been shelved as a near-term priority after a series of bureaucratic delays, while the Puerto Bahía terminal in Cartagena — developed in partnership with Frontera Energy — has been accelerated to fill the gap.

Two regasification projects at different stages of development — one on the Pacific coast and one on the Caribbean — are moving forward this month, offering the near-term additions to Colombia’s gas import infrastructure as domestic field production continues to decline.

Energy and Mines Minister Edwin Palma has acknowledged that cheap Venezuelan gas imports could fundamentally alter the economics of Colombia’s domestic supply plans – potentially undermining the commercial rationale for the offshore Sirius project and curtailing the market for regasification infrastructure.

The Antonio Ricaurte pipeline — the 225-kilometer infrastructure connecting Lake Maracaibo to Colombia’s La Guajira department — sits at the center of the Petro government’s most ambitious near-term gas supply strategy, but a cascade of technical, legal, and contractual complications make reactivation a far longer and more costly undertaking than official rhetoric suggests.

Colombia’s Ministry of Mines and Energy has confirmed a high-level meeting with U.S. government officials to advance an OFAC license that would allow Ecopetrol and ISA to reactivate bilateral energy projects with Venezuela.

A high-level Colombian delegation traveled to the Palacio de Miraflores in Caracas on March 14 after a planned border summit between President Gustavo Petro and Venezuelan acting president Delcy Rodríguez was cancelled for force majeure.

Financiera de Desarrollo Nacional (FDN) and BTG Pactual announced financial close for Ecopetrol’s Regasificadora del Pacífico project designed to import natural gas through Buenaventura.

Empresas Públicas de Medellín will enter the imported gas market through a new regasification facility in Copacabana, north of Medellín, marking Antioquia’s principal public company’s strategic entry into the regasification business.