Colombia's Ecopetrol boosts gas supply amid deficit fears
Colombian state-run oil company Ecopetrol has increased the availability of natural gas for firm contracts by 18BBTU/d (billion British thermal units per day) amid efforts to avert a looming deficit of the fuel.
The announcement, which refers to December supply agreements with offtakers, came a week after the Bogotá-based firm offered an additional 16BBTU/d to the market.
This “reflects a rebalancing of processes and an optimization of production,” Ecopetrol said in a statement.
"We will continue to evaluate, day by day, our procedures so as to contribute to the country's natural gas supply," it added.
According to industry group Naturgas, Colombia faces a natural gas shortfall as soon as December, leading to possible price hikes and rationing.
Data published by gas market administrator BMC shows the country will have a deficit of 76.5BBTU/d in 2025 and 190BBTU/d in 2026.
The situation has been exacerbated by a sharp decline in gas reserves, which fell to 2.37Tf3 (trillion cubic feet) at the end of 2023 from 2.82Tf3 a year earlier, according to official figures.
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