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Colombia to loosen regulation for gas exploration, supply in short term
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Colombia to loosen regulation for gas exploration, supply in short term
Apr 10, 2024 6:44 PM

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.

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