economy
Canacol's 'mirage' has 19% of contracted firm gas in suspense
Canacol Energy, in Córdoba, a company that as of May 2025 has the entire energy system in suspense due to its intention to breach gas contracts within an insolvency process. Photo: Canacol Energy
TL;DR
- Canacol Energy is in a severe crisis, reminiscent of Pacific Rubiales' collapse.
- Practices like over-selling natural gas led to over-exploitation and damage to production fields.
- The company is seeking to breach firm contracts through a judicial process in Canada.
- This situation jeopardizes 19% of Colombia's contracted firm gas supply.
- If Canacol liquidates, commercializers and distributors will bear the brunt of the consequences.
- The Superintendency of Services (Superservicios) has initiated special surveillance over Canacol's Colombian subsidiaries.