Energy
Colombian Companies Face Energy Crunch as Gas Reserves Plunge
- Industry bracing for price spike once nation turns to imports
- Pipeline from Venezuela needs repair, US sanctions waiver
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Colombia’s biggest companies are bracing for energy costs to soar in the months ahead as dwindling natural-gas production forces the nation to turn to costly imports to avoid shortfalls.
President Gustavo Petro, who has made fighting climate change a priority, is refusing to grant licenses to explore for new sites to drill even as reserves wither. And production from wells being explored in the Caribbean won’t come online until at least 2027.