Colombia’s Ecopetrol in Talks to Buy LNG: Bloomberg

Colombia’s state-energy company Ecopetrol is in talks with suppliers of LNG as the nation’s domestic gas production declines, Bloomberg said.

• Ecopetrol is considering importing up to 0.6m mtpa, around eight cargoes a year, for up to 3-7 years.
• The major interest is in securing US LNG supplies as Colombia studies the feasibility of building a second LNG import terminal.
• While Colombia’s LNG imports make up just a fraction of global demand, its proximity to the US gives it an advantage.
• The challenge will be securing an adequate FSRU after Europe snapped up such vessels during the 2022 energy crisis.
• Ecopetrol is considering at least 10 companies for developing its own terminal. The deadline for offers is early July.