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Colombia to loosen regulation for gas expedition, supply simply put term

Colombia will aim to loosen up guideline on gas exploration and supply to satisfy its needs in 2026 and 2027, Mines and Energy Minister Andres Camacho said on Wednesday.

The South American nation needs to solve a gas deficit in the middle of rising need, with measures to include buying more liquefied gas and potentially importing from surrounding Venezuela.

We have actually been working to make regulative terms more flexible and ensure enabling conditions to advertise off-shore gas this year so that we can advance in the supply plan needed in 2026 and 2027, Camacho stated at an event organized by Naturgas in Cartagena.

The strategy involves using pipelines owned by state oil company Ecopetrol, with involvement from Canadian oil and gas firm Parex.

Camacho said in less than a year he hoped to incorporate very crucial volumes to national reserves.

This implies concrete work between Ecopetrol, Parex, the National Hydrocarbons Company and the Ministry of Mines and Energy, he stated.

The government of leftist President Gustavo Petro has not held any licensing rounds for oil and gas tasks amid a push toward a green energy shift.

Some market individuals, such as gas transporter Promigas, have said the absence of brand-new licenses might affect gas schedule and increase the requirement for imports.

In March, Ecopetrol Chief Executive Ricardo Roa stated Colombia was importing approximately 30% of its gas.

(source: Reuters)