In its latest Medium-Term Fiscal Framework (MTFF), Colombia’s Ministry of Finance (MinHacienda) projected that Brent crude oil prices will reach US$76 per barrel by 2036.
In recent months, Colombian households noticed a sharp rise in natural gas bills, some as high as 51%. The surge was attributed to a shortage in the country’s natural gas reserves, which led companies to rely on imported supplies to meet domestic demand. This shift, according to energy firms, justified the increased costs passed on to consumers.
In April 2025, Colombia recorded its lowest commercial gas production since the COVID-19 pandemic, according to a recent report by the Colombian Chamber of Oil, Gas, and Energy Goods and Services (Campetrol).
One of the most controversial decisions of the current Colombian government has been its apparent intent to move away from oil exploration, a policy critics argue contradicts the country’s economic realities and undermines the very concept of a balanced energy transition.
The Colombian Energy and Gas Regulatory Commission (CREG) is preparing a series of regulatory adjustments to ease the pressure of rising energy and gas tariffs on consumers, particularly due to growing dependence on imported natural gas.
Engineering and consulting firm Wood has secured a contract from Colombian national oil company Ecopetrol (NYSE: EC) to deliver the detailed engineering design for significant upgrades at the Barrancabermeja refinery, the country’s oldest and largest refining facility.
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