Colombia increases gas imports as domestic reserves decline for third straight year

The National Hydrocarbons Agency reports that Colombia’s natural gas reserves have dropped to the lowest level since 2007. The figure has been declining for three years in a row. By the end of 2024, reserves stood at the equivalent of just 5.9 years of production, down from 6.1 years the previous year. With domestic supplies shrinking, the country is increasingly reliant on imports to compensate for the shortfall, Bloomberg says.

This trend stems from the policy of President Gustavo Petro's administration, which has banned new permits for fossil fuel exploration since taking office in 2022. As a result, local producers can only maximize output from projects licensed before the policy took effect.

According to Sergio Cabrales, a professor at Bogota's Los Andes University, the country could have avoided current energy security risks if exploration permits had been issued promptly three years ago.

The launch of new natural gas wells in the Caribbean Basin, which could stabilize Colombia's reserves, is planned for 2029, Bloomberg reports.