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EnergiesNet.com 07 01 2024
Colombia’s state energy company Ecopetrol SA is in talks with suppliers of liquefied natural gas as the nation’s domestic gas production dwindles, according to people familiar with the matter.
Officials are particularly interested in LNG from the US, said the people, who asked not to be identified because the information is confidential. It comes as Colombia explores building its second LNG import terminal to head off a gas shortage forecast to hit within the next two years.
Ecopetrol did not immediately respond to a request for comment.
While the Latin American country makes up a tiny fraction of global LNG imports, its proximity to the US — the largest LNG exporter — gives Colombia an advantage to seek supply and provides an edge for traders looking for a new market to sell excess cargoes. The challenge will be finding an adequate floating LNG vessel during a time when Europe has rapidly snapped up vessels to replace its Russian gas with LNG in the wake of the 2022 Ukraine invasion.
Ecopetrol is mulling over options from at least 10 companies to develop an independent terminal. The deadline to receive offers is early July. The state-owned company is considering as much as 0.6 million metric tons (about eight LNG cargoes a year), for a period between three and seven years, the people said.
Timing of the supply, as well as the location, would depend on first developing the terminal. Possible sites are on the Caribbean coast or the Pacific side of the country, one person said.
A separate LNG import project on the Pacific coast of Colombia has long been considered for development but has failed to advance due to lack of commercial interest.
EnergiesNet.com 06 28 2024
