The proposal surfaces against a backdrop of deteriorating supply conditions. Colombia’s fiscalized gas production fell 12% in 2025 and has declined 31% since 2021, while proven reserves dropped from 3,164 billion cubic feet to 1,717 billion cubic feet over the same period. Imports represented 28% of total supply through August 2026, reaching 34% in that month alone. Óscar Rincón, president of the Colombian Association of Petroleum Engineers (Acipet), projected import dependence could hit 35-40% by year-end, coinciding with El Niño weather patterns expected to increase thermal generation requirements.
Industry voices have outlined prerequisites for Venezuelan supply. Rincón noted the arrangement would require legal permits under U.S. Office of Foreign Assets Control (OFAC) regulations, verification of Venezuela’s export capacity and supply reliability, and confirmation the gas meets required quality specifications. Venezuela possesses the world’s largest gas reserves, with approximately 2 trillion cubic feet per day currently flared from associated gas production.
Promigas president Juan Manuel Rojas proposed reactivating the Antonio Ricaurte pipeline within 18 months as part of immediate risk management measures. The company’s XXVII Natural Gas Sector Report identified diversifying import sources as one of five priority decisions to address structural deficits, alongside accelerating domestic exploration, expanding transport infrastructure, stabilizing regulatory frameworks, and protecting consumer competitiveness.
The gas shortage has imposed economic costs. Aquiles Mercado, Promigas financial vice president, stated users are paying approximately 20% more on gas bills due to higher imported molecule costs, while non-thermal consumption declined 7% year-on-year through August 2026, including a 23% drop in industrial demand. The country historically exported gas to Venezuela under contractual agreements with Ecopetrol before reversing to net importer status.
Restrepo separately addressed broader energy constraints, citing 42 delayed transmission projects and licensing processes extending to 800 days against statutory 90-day requirements. The vice president advocated resuming hydrocarbon exploration contracts and developing unconventional resources, stating Colombia could multiply copper access tenfold and advance lithium and rare earth extraction.
This article was curated and published as part of our South American energy market coverage.
