Ecopetrol eyes floating LNG options, extends proposal deadline

Colombia’s Ecopetrol is analyzing floating regasification options as it weighs near-term solutions to a looming gas deficit, the state-run company said on Monday. 

In a statement, the Bogotá-based firm said it was conducting market research to gather technical and commercial information on offshore terminals, moving away from land-based alternatives. 

"Ecopetrol is directly leading the process, with the support of expert international firms, in line with industry best practices," it said. 

"Any decision regarding the potential award of the regasification service in the Caribbean will be made in strict adherence to the company's procedures and will be subject to approval by the relevant corporate bodies."

It added that a deadline in an open process for project proposals – which received 42 expressions of interest earlier this year – had been extended, without providing details. 

In June, Ecopetrol CEO Ricardo Roa said the company was pushing ahead with plans for up to two new LNG import terminals on the Caribbean coast.

One would utilize existing infrastructure at the Chuchupa and Ballena gas fields in La Guajira department and the other facilities belonging to midstream subsidiary Cenit at the Coveñas port in Sucre department. 

The projects would complement plans for new LNG infrastructure on the Pacific coast. 

Ecopetrol announced in March that is signed a services contract with Puertos, Inversiones y Obras (PIO) for the construction of a new terminal in Buenaventura and associated regasification infrastructure in Buga, around 100km away.

The Bogotá-based firm expects the facility to begin operating in the second or third quarter next year with storage capacity of 60-100Mf3/d. 

"Ecopetrol continues in the process for the necessary permits and regulatory requirements to evaluate the integration of solutions such as LNG Ballena, LNG Coveñas, and the Pacific regasification plant into its businesses, based on their technical, commercial, and regulatory viability," the company said. 

The LNG expansion plans coincide with growing fears of an imminent gas shortage. Data published by natural gas market administrator BMC shows the Andean nation faces a deficit of 76.5BBTU/d (billion British thermal units a day) in 2025 and 190BBTU/d in 2026.

The situation has been exacerbated by a sharp decline in gas reserves, which fell 13% in 2024 to 2.064Tf3 (trillion cubic feet), according to official figures.

(The original version of this content was written in English)