Sergio Cabrales, associate professor in the Department of Industrial Engineering at Universidad de los Andes: “The medium- to long-term outlook for Colombia’s upstream hydrocarbons sector remains uncertain and challenging. Although investment in natural gas is expected to surpass $1 billion in 2025, proven reserves have declined by more than 50 percent over the past decade, and gas production so far this year has fallen by 18 percent compared to the same period last year. Since December 2024, the country has lost self-sufficiency in meeting essential gas demand, including households. It now depends increasingly on imports at prices up to three times higher than domestic supply. Without discoveries or additional regasification capacity, by late 2026, total supply (domestic plus imported) may fall short…”
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