Colombia’s Petro Orders Ecopetrol to Import Qatar Gas Amid Price Speculation Claims

Colombian President Gustavo Petro directed state-owned oil company Ecopetrol to purchase natural gas directly from Qatar.

The president announced this decision on his social media account on March 10, citing concerns about artificially inflated gas prices in the domestic market. Petro claims a monopolistic control over gas imports has allowed companies to engage in price speculation.

He described the current situation as “pure speculation” where Colombian gas gets resold at imported gas prices, significantly above international market rates. “They are robbing us,” Petro declared, promising to end what he calls an unconstitutional monopoly on gas importation.

The president also instructed the Superintendency of Public Services to investigate gas companies and remove those found engaging in speculative practices. This intervention coincides with recent developments in Colombia’s energy sector.

Petrobras and Ecopetrol recently confirmed successful tests at the Sirius-2 offshore well. This discovery represents the largest gas find in Colombia’s history, with volumes exceeding 6 trillion cubic feet.

The Sirius discovery could potentially triple Colombia’s gas reserves, transforming the future of domestic supply. Industry experts believe this field will enhance Colombia’s energy security and reduce reliance on imports. Production from Sirius could begin between 2029 and 2030.

Petro’s Energy Policy and the Sirius Gas Project

Petro’s directive marks his second major intervention in Ecopetrol‘s operations this year. He previously demanded the company sell its $880 million US fracking operations in the Permian Basin. The president labeled fracking “the death of nature” and urged investment in renewable energy instead.

These moves reflect Petro’s broader energy policy of reducing Colombia’s dependence on fossil fuels. His administration has halted new oil and gas exploration contracts while allowing existing deals to continue.

The Sirius project partners plan to implement a subsea system and pipeline connecting to the existing Ballena complex. Total investment for the project amounts to approximately $4.1 billion, including $1.2 billion for exploration and $2.9 billion for production development.

Despite significant challenges related to infrastructure, permits, and community relations, the successful development of the Sirius gas field offers potential long-term benefits for Colombia’s energy security.

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