Ricardo Roa, president of Ecopetrol, recently addressed concerns about Colombia’s natural gas supply. He assured Congress that the country will not face a gas deficit in 2025.
This statement contradicts the warnings of industry experts who predict imminent shortages. Ecopetrol, the state oil company in Colombia, produces 76% of the gas consumed in the country.
Roa’s confidence stems from Ecopetrol’s investment plans and exploration activities. The company aims to invest $760 million in 2024 to increase natural gas production, with $350 million financing offshore operations in the Caribbean Sea.
Roa described several exploration projects planned for the coming years. These include the appraisal of the Orca Norte-1 well and the drilling of the Uchuva-2, Buenasuerte-1 and Komodo-1 wells.
Ecopetrol plans to develop at least 20% of the potential found in La Guajira, estimated at 75 trillion cubic meters of natural gas. Despite Roa’s optimism, industry analysts remain skeptical.
The Colombian Natural Gas Association warns of possible supply shortages. Colombia has seen a decline in its natural gas reserves since 2012, with production outstripping new discoveries.
To address potential shortages, Ecopetrol is exploring options such as importing gas from Venezuela and increasing liquefied natural gas imports.
The company faces challenges in implementing these plans, including environmental permits and licensing processes. Colombia’s energy landscape is complex, with a heavy reliance on hydropower.
Recent low rainfall has forced increased reliance on gas plants, straining existing gas supply and import infrastructure.
Roa’s statements are intended to reassure the public and investors about Colombia’s energy future. However, the country must balance energy security with environmental concerns.
The coming years will test Colombia’s ability to meet its growing energy needs as it transitions to cleaner sources.
