Colombia Enhances Regasification Efforts to Address Gas Shortage

Ecopetrol has contracted PIO for regasification services on Colombia’s Pacific Coast to address an impending natural gas deficit. The project includes facilities at Buenaventura and a regasification plant in Buga, expected to operate by mid-2026. This initiative aims to ensure a reliable gas supply for over 40 million Colombians while Ecopetrol continues significant investments to enhance energy sustainability.

Colombia’s state-owned oil and gas enterprise, Ecopetrol, has awarded a contract to Puertos, Inversiones y Obras (PIO) for the provision of regasification services along the country’s Pacific Coast. This initiative includes the construction of receipt and storage facilities in Buenaventura and a regasification plant in Buga with a capacity of 60 million cubic feet per day (mcfd), slated to commence operations in the second quarter of 2026.

Ecopetrol identifies this contract as a strategic measure to diversify natural gas supply ahead of the operational phase of offshore projects. Buenaventura is also set to host another liquefied natural gas (LNG) development, the Andes Energy Terminal (AET), for which Black & Veatch completed a feasibility study in May 2024.

With a predicted natural gas shortfall in 2025, Colombia will be compelled to import the majority of its gas requirements. Hence, establishing regasification capabilities on the Pacific Coast is deemed essential. Ecopetrol specifies that this contract will establish a new natural gas supply source to fulfill the demands of over 40 million Colombian citizens.

In line with these advancements, Ecopetrol intends to proceed with crucial investments aimed at reinforcing the stability and growth of its oil and gas sector. The firm has earmarked $1.37 billion for exploration over the next three years, underscoring its commitment to supporting the nation’s energy sustainability.

Furthermore, Ecopetrol and its partner Petrobras announced a substantial natural gas discovery offshore Colombia, recognized as the most significant gas discovery in the nation’s history. This development potentially opens up a $4.1 billion investment horizon for the energy sector.

In summary, Colombia is proactively addressing an impending natural gas shortage through strategic contracts for regasification services. Ecopetrol’s investments and the establishment of new facilities will bolster the country’s natural gas supply to meet growing demand, particularly given the anticipated deficits in the near future. Additionally, major offshore discoveries further enhance Colombia’s energy prospects.

Original Source: www.offshore-energy.biz