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The world’s appetite for natural gas is set to rise again, and Colombia is watching from the sidelines.

With Colombia’s electric vehicle (EV) market accelerating faster than ever, energy company Terpel is shifting gears to meet the growing demand for charging infrastructure.

A high-stakes tax dispute between Colombia’s tax authority (DIAN) and Refinería de Cartagena (Reficar), the Ecopetrol (NYSE: EC) subsidiary that supplies more than half of the country’s diesel and a third of its gasoline, has triggered fears of an operational shutdown that could threaten the nation’s fuel supply.

Colombian drivers will feel another pinch at the pump starting Friday, October 24, as the Energy and Gas Regulation Commission (CREG) announced an increase in fuel prices.

Petrobras’ (NYSE: PBR) entrance into Colombia’s offshore energy landscape could mark a turning point for the country’s energy security. Together with Ecopetrol (NYSE: ECP), the Brazilian company is leading the Sirius gas project, a deepwater discovery that could restore Colombia’s self-sufficiency in natural gas for at least a decade.

Colombia’s energy transition has become a defining challenge for the oil and gas industry, demanding a delicate balance between maintaining energy supply and reducing carbon emissions. Notably, nearly 70% of Hitachi Energy’s industrial revenue in Colombia comes from projects developed with oil and gas companies.