Ecopetrol Eyes 10-Year Venezuela Gas Deal

Energy: Colombia

Ecopetrol, Colombia’s state-controlled oil company, is negotiating a 10-year contract to buy Venezuelan gas, its president said on Friday 13 November 2026. The pipeline step needs a US sanctions licence.

What Ecopetrol’s President Said

On Friday 13 November 2026, Joaquín Gutiérrez held an investor call as president of Ecopetrol, which El Tiempo, a Bogotá daily, and La República, a Bogotá business daily, reported. He said Ecopetrol will formally ask Pdvsa, Venezuela’s state oil company, to operate the 88 km (55 miles) Colombian section of the Antonio Ricaurte gas pipeline.

Ecopetrol seeks to sign a contract to manage the section through Cenit, its pipeline subsidiary, El Tiempo reports. La República reports the pipeline is on Colombia’s list of projects of national and strategic interest. Our report of 4 November covers how Colombia backed repair of the pipeline.

Ecopetrol has applied to OFAC, the US Treasury’s sanctions office, for a specific licence to advance the negotiation on that section. On possible oil-reserve deals in Venezuela, he said any step depends on international regulatory approval, according to El Tiempo.

Gutiérrez said Ecopetrol is negotiating a 10-year contract to buy Venezuelan gas at a price he called very competitive and well below today’s market price. “Venezuela is a great opportunity, but it will not be a dependence,” he told the call, El Tiempo reported, while La República reports that he said Colombia remains the priority.

Why It Matters for Gas and US Readers

La República reports that the first phase of Venezuelan gas imports is 50 million cubic feet per day, about 5% of national gas consumption. It also reports that ANLA, Colombia’s environmental licensing agency, confirmed the environmental licence for the pipeline remains in force.

According to La República, restarting after more than a decade of inactivity needs rehabilitation plus the OFAC authorisation. Ecopetrol’s results release of Thursday 12 November 2026 says it dropped its liquefied natural gas (LNG) purchase processes because LNG prices rose more than 196% between October 2025 and October 2026.

The same release says Ecopetrol was the only bidder offering long-term firm gas volumes in the quarter, at 293 giga British thermal units (an energy measure) per day. Ecopetrol said it decided not to continue its LNG purchase processes, citing price rises of more than 196% in a year.

What Is Not Known

We have no Ecopetrol document of the call, so these statements rest on El Tiempo and La República reading the same event. The 5% share and the ANLA point come from La República alone.

No price figure, volume beyond the first phase or closing date has been given for the contract. La República says no Venezuelan oil fields, form of participation or amounts are defined.

We found no public response from Pdvsa to the planned request, and no OFAC decision. Ecopetrol has also given no spending or production figures for La Luna.

What to Watch Next

Gutiérrez said Ecopetrol will reactivate unconventional exploration, meaning fracking (hydraulic fracturing, or shale drilling), in the Magdalena Medio valley, starting with the La Luna formation. He described it as geologically similar to Vaca Muerta, Argentina’s giant shale field, with greater possibilities.

Elsa Jaimes, acting executive vice president of Hydrocarbons, said Ecopetrol is updating its prospectivity and building business cases, and she said it is too early to discuss spending or production volumes. El Tiempo reports she said a timetable will follow; our 5 November report covers Colombia’s fracking push.

The next markers are OFAC’s answer on the licence and a signed contract. Our companion report covers Ecopetrol’s third-quarter profit, and our explainer describes the company.

Our Colombia coverage collects our reports on the country. It sits alongside the earlier pieces on the pipeline and fracking.

Frequently Asked Questions

What did Ecopetrol say about Venezuelan gas?

Its president said Ecopetrol is negotiating a 10-year purchase contract and will ask Pdvsa to operate the Colombian pipeline section. El Tiempo and La República reported the call of 13 November 2026.

Why does Ecopetrol need a US licence?

Ecopetrol has applied to OFAC for a specific, case-by-case licence to advance the negotiation on the pipeline section. La República reports restarting also needs rehabilitation after more than a decade of inactivity.