INSUBCONTINENT EXCLUSIVE:
This policy could have major future implications.Ecopetrol recently revealed a strategy to secure gas supplies until 2034
The plan predicts an 83 Gbtud shortfall by 2025, with 61 Gbtud covered by domestic sources.Another 100 Gbtud will come from imports via
regasification and possibly the Antonio Ricaurte pipeline from Venezuela.From 2029 on, offshore discoveries like Uchuva, Gorgon, and Glaucus
will boost gas supply.These Caribbean finds could add 4 to 12 trillion cubic feet of gas
This could potentially triple current reserves
(Photo Internet reproduction)She highlighted its importance in supplying gas to 36 million Colombians and the industrial sector, which needs
more gas for decarbonization and efficiency.Corficolombiana warns that current hydrocarbon production improvements might not ensure future
barrels per day increase from May 2020 to April 2024.Murgas emphasized the need to prioritize gas development, accelerate exploration, and
enable viable external sources
This ensures reliable and competitive short- and medium-term supply.Colombia Faces Energy ChallengesCorficolombiana also notes a decline in
the number of oil-producing fields
The number fell from 417 in 2019 to 342 in 2024.Among these, 156 fields increased output since 2020, while 186 decreased
The hydrocarbon sector has not fully recovered to pre-pandemic levels.Oil and gas production remains 12% below pre-pandemic levels
potential and maintain self-sufficiency in the medium and long term.Achieving this requires overcoming regulatory and logistical challenges
reserve life from 7.5 years in 2022 to 7.1 years.In addition, this rapid depletion highlights the need for new discoveries to match
production.Gas reserves also dropped in 2023, revealing structural issues in the sector
Exploration investment fell by 4%, exploratory drilling decreased by 45%, and seismic activity dropped by 28%.Corficolombiana cites
government disincentives and the refusal to award new exploration contracts as creating an uncertain investment climate.Without new
exploration investments, reserves will deplete faster, risking energy sovereignty
Colombia began importing gas in late 2023 due to declining local production and rising demand.By April, imports from the United States and
Trinidad and Tobago made up 30% of the total gas supply
From January to May 2024, gas demand rose 21.1% annually.Higher consumption from thermal power plants due to lower reservoir levels during
