energy
March 18, 2026
Cheap gas from Venezuela would rethink the Sirius business and regasification projects, warns the Ministry of Energy
Edwin Palma, Minister of Mines and Energy Photo: MAURICIO MORENO EL TIEMPO
TL;DR
- Colombia faces a structural gas deficit, with potential for cheaper gas imports from Venezuela.
- Importing Venezuelan gas requires resolving technical issues with a 4.7 km pipeline segment and political considerations, particularly regarding U.S. international restrictions.
- The estimated price of Venezuelan gas is around $6 per million BTU, significantly lower than other sources, making it highly competitive.
- Initial supply from Venezuela could be 60 million cubic feet per day, expandable to 100 million.
- The Venezuelan gas option could impact the economic viability of projects like Sirius and reduce the necessity for multiple regasification plants.
- The current gas deficit is a long-standing structural issue, not solely due to recent policy decisions.
- Fracking is not a priority due to high costs and price volatility in the current global energy market.
- Delays in renewable energy projects, particularly wind, are attributed to social issues and the need for better community engagement and benefit sharing.
- The electricity sector faces a deficit in subsidies of around three trillion pesos, with poor targeting and fiscal constraints impacting payments.
- Measures are being taken to address electricity sector debt and ensure supply reliability, including regulatory adjustments and exploring financing mechanisms.