The Caribbean coast of Colombia faces a growing risk of gas rationing as thermal power plants in the region have secured only 35% of the gas needed to operate during the scheduled maintenance of the SPEC regasification terminal in Cartagena, set for October 10–14.
Ecopetrol (NYSE: EC) has chosen Coveñas, the NOCs principal crude oil export facility in Colombia’s Sucre department, as the site for its next natural gas import terminal, marking a decisive step in the country’s energy security strategy.
Colombia is preparing to spotlight its energy transition strategy during the upcoming 8th Oil, Gas, and Energy Summit in Cartagena, the country’s most influential platform for dialogue on security, sustainability, and competitiveness in the energy sector.
We have updated our index of the stock prices of Colombian-focused, publicly listed companies to the latest data and rebased so that the index begins on May 1 2022, perhaps the last time that anyone might have hoped that Gustavo Petro would not become president of Colombia. This makes comparisons easier and leaves no doubt that Colombian E&Ps, including Ecopetrol, have suffered from his administration.
Unless you have only a passing interest in oil or have been trekking to the South Pole recently, you will know that oil prices are down thanks (or no thanks) to uncertainty about the global economy and OPEC’s decision to expand production.
Latin America stands at a crossroads between oil, gas, and clean energy, but Colombia appears to be drifting from the regional consensus that seeks balance between economic survival and decarbonization.
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