INSUBCONTINENT EXCLUSIVE:
Ecopetrol and reported by ColombiaOne.com, marks the latest chapter in a growing trend of international energy companies leaving
Colombia.Shell joins BP, ConocoPhillips, Occidental Petroleum, Chevron, and ExxonMobil, all of which have reduced or ended their upstream
Company leadership in Colombia pointed to regulatory barriers and persistent delays as key obstacles, noting that each year of delay erodes
Shell determined that the gas reserves discovered, while technically viable, were not large enough to justify the massive investment
required for full-scale development.These projects would have needed expensive subsea pipelines and new processing plants, costs that proved
The exit of global majors comes as Colombia faces a mounting natural gas deficit.Six Oil Majors, Including Shell, Withdraw from Colombia
Amid Regulatory and Market Uncertainty
(Photo Internet reproduction)Ecopetrol projects a shortfall of 120 billion BTU per day in 2025 and up to 300 billion BTU per day in 2026
Proven gas reserves now cover just over six years of consumption at current rates.Colombia Faces Energy Crossroads as Gas Imports
SurgeDomestic production has declined, with key fields like Cusiana, Cupiagua, and La Guajira dropping from 550 to 425 GBTU per day in the
Colombia imported a record amount of liquefied natural gas in 2024, with imports making up almost 20% of consumption.This growing reliance
on imports exposes Colombia to higher energy costs
offshore gas project, which could triple national gas reserves by 2029 if development proceeds as planned
imports more gas, increasing costs and carbon emissions, while risking energy security and economic competitiveness.The exit of
balance its energy transition with the need for affordable and reliable supply.
