Ecopetrol cancels natural gas import contracts due to commercial risks

Ecopetrol has declared its procurement processes for importing liquefied natural gas (LNG) void after failing to find suitable commercial terms. The five-year contracts were intended to support regasification projects in the Colombian Pacific and Puerto Bahía in Cartagena.

The company stated that the offers received from international suppliers lacked sufficient backing from domestic market purchase commitments. Ecopetrol noted that contracting international gas volumes without guaranteed local demand would pose a significant financial risk, as acquisition, maritime transport, and regasification costs must remain competitive with what Colombian buyers are willing to pay.

This decision occurs amid pressure on Colombia’s natural gas market, which currently relies on imports to supplement domestic production. The company is now evaluating alternative options to secure new supply sources for the national energy system.