Colombia's Shrinking Gas Reserves Intensify Push Toward Imports.

The article focuses on the decline of Colombia's natural gas reserves, which have reached their lowest level since at least 2007, prompting the need for new discoveries and increased imports to mitigate a growing shortage. As of the end of last year, natural gas reserves were equivalent to 7.1 years of output, down from 7.2 years in 2023, while proven crude reserves increased to 2.035 billion barrels, equivalent to 7.2 years of output. The administration of President Gustavo Petro has maintained a freeze on new fossil fuel exploration permits, limiting the country to previously approved drilling projects. To address the supply gap, state-run driller Ecopetrol SA and its partners are preparing to import liquefied natural gas starting next year, with new wells in Caribbean waters expected to begin production by 2029. [Extracted from the article]