Colombia's state-owned Ecopetrol is exploring resuming natural gas imports from Venezuela, anticipating potential easing of US sanctions. This comes amid a growing gas deficit forcing reliance on costly LNG imports. The move hinges on next month's meeting between Presidents Donald Trump and Gustavo Petro.
Colombia is grappling with a natural gas deficit projected at 20% of total demand this year, up from 4% at the end of 2024. To address it, Ecopetrol has begun preliminary talks on the feasibility of importing gas from Venezuela, according to sources familiar with the matter who requested anonymity due to the private nature of the discussions.
US sanctions have previously blocked such imports, but following the capture of Venezuelan leader Nicolás Maduro, Colombian Energy Minister Edwin Palma posted on X that renewed US-Caracas talks could enable cheaper gas. Before his arrest, Maduro stated last month that Venezuela would initially supply gas to Colombia at no cost. Palma met last year with Venezuelan Vice President Delcy Rodríguez in Caracas to promote energy trade.
A prior agreement to start flows by late 2024 stalled due to sanctions, but Ecopetrol is awaiting the outcome of the Trump-Petro summit before direct negotiations. Ecopetrol's press office, Petróleos de Venezuela, and the US Treasury Department declined to comment.
Reactivation would involve reopening the 224-kilometer Antonio Ricaurte pipeline, idle for over a decade amid Venezuela's crisis and sanctions. Owned by state-run Pdvsa, it requires extensive maintenance, including rebuilding sections in Colombia, taking 18 to 24 months with costs akin to a new project, per Wood Mackenzie. Initially, Venezuela could export 50 million cubic feet daily.
"Restoring the pipeline would require substantial investment," noted Wood Mackenzie's Gas and LNG team. S&P Global Energy's Marcela Rosas added: "If infrastructure, investments, and sanctions relief align, it could cut LNG imports and diversify supply."
Meanwhile, Ecopetrol is building three LNG terminals for this year, boosting capacity from 450 to 1,300 million cubic feet daily by 2028. Analysts warn Venezuela is racing against time, as Colombia gears up for offshore production like the Sirius field by 2029.
