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From Reuters: Colombia to loosen regulation...

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Colombia to loosen regulation for gas exploration, supply in short term

04/10/24 - 09:21 PM ET - Reuters

CARTAGENA, April 10 (Reuters) - Colombia will look to loosen regulation on gas exploration and supply to meet its needs in 2026 and 2027, Mines and Energy Minister Andres Camacho said on Wednesday.

The South American nation needs to resolve a gas deficit amid rising demand, with measures to include buying more liquefied gas and possibly importing from neighboring Venezuela.

"We have been working to make regulatory terms more flexible and guarantee enabling conditions to commercialize off-shore gas this year so that we can advance in the supply plan required in 2026 and 2027," Camacho said at an event organized by Naturgas in Cartagena.

The plan involves using pipelines owned by state oil firm Ecopetrol, with participation from Canadian oil and gas firm Parex.

Camacho said in less than a year he hoped to incorporate "very important volumes" to national reserves.

"This implies concrete work between Ecopetrol, Parex, the National Hydrocarbons Agency and the Ministry of Mines and Energy," he said.

The government of leftist President Gustavo Petro has not held any licensing rounds for oil and gas projects amid a push toward a green energy transition.

Some industry participants, such as gas transporter Promigas, have said the lack of new licenses could affect gas availability and increase the need for imports.

In March, Ecopetrol Chief Executive Ricardo Roa said Colombia was importing up to 30% of its gas.