According to the Ministry of Energy of Colombia, Colombia may have to raise its LNG imports between 2021 and 2023, as domestic gas reserves and production may prove insufficient to meet the strong increase in gas consumption. According to preliminary estimates, Colombia produces just enough gas to cover its domestic demand, which doubled between 2000 (7.3 bcm) and 2016 (14 bcm) and contracted in 2017 (-9%). Gas reserves slightly decreased in 2018 (-2.9%) and the reserves/production (R/P) ratio fell by 16% due to a significant increase in consumption (+16%).
Colombia is betting on offshore exploration and other alternatives such as gas fracking. However, if no new gas reserves are found, Colombia would then be forced to resort to LNG imports that would cost twice the domestic production cost. The country, which already imports LNG from the Sociedad Portuaria El Cayao LNG plant in Cartagena, would turn to US spot LNG imports.