• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 1 day e-truck insanity
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 7 days China deletes leaked stats showing plunging birth rate for 2023
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
New Mexico Struggles To Balance Oil Output Boom with Climate Goals

New Mexico Struggles To Balance Oil Output Boom with Climate Goals

The second-largest oil-producing U.S. state,…

China’s Secret Weapon in the Global Copper War

China’s Secret Weapon in the Global Copper War

China's strategic use of copper…

Colombia Risks Economic Slowdown Amid Natural Gas Shortage

Colombia’s economy could soon be hit by soaring energy costs as the South American country is considering LNG imports to meet rising natural gas demand while its domestic production slumps.  

Large gas and energy-intensive industries could be hit hard by a further spike in their energy costs, as LNG imports could be two or three times more expensive than domestic supply, according to industry officials and analysts who spoke to Bloomberg.

Colombia’s oil and gas industry is in disarray and in continuous decline, also due to Colombia’s leftist President, Gustavo Petro, banning the awarding of new oil and gas exploration licenses and contracts.

Colombia’s natural gas production averaged 1 billion cubic feet per day during March 2024, or 2% less than a month prior and 6% lower year over year. That number was also lower than the 1.04 billion cubic feet of natural gas pumped during March 2019.

With domestic supply falling and demand rising, Colombia likely needs to turn to imports—and this will cost its industry a lot.

State energy firm Ecopetrol is considering importing LNG, which will be more expensive than domestic supply.

Colombia was also planning to start importing natural gas from Venezuela this year. But this plan may not materialize in the near term because of a decayed idle pipeline in dire need of repairs.

Ecopetrol said in November that it was exploring a proposal from Venezuela to start importing natural gas from its neighbor beginning in December 2024.

Colombia will benefit from cheaper gas from Venezuela, which could also lower the cost of electricity, the Colombian government said at the time.

However, the pipeline expected to ship the gas from Venezuela to Colombia is in no state to serve natural gas transportation currently, Luz Stella Murgas, who heads the industry group Naturgas, told Bloomberg earlier this year.   

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News