IAHL Corporation (IAHL)

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Colombia's natural gas production potential has risen sharply over the past year as upstream operators respond to concerns over future supply, according to national industry association Naturgas.

A report published by the entity on Thursday shows the country's natural gas potential for the 2022-30 period climbed 8%, or 58 billion British thermal units per day (BBTU/d), compared to the same time last year. The figures were based on certified declarations by operators.

“These figures not only confirm the potential that the country has to maintain self-sufficiency and energy sovereignty from natural gas, they will also allow us to guarantee supply for households and vehicles," said Naturgas president Luz Stella Murgas.

Source: Naturgas

The total volume of gas available for sale in 2022-30 is 290BBTU/d on average, according to Naturgas.

According to the latest official figures, the life expectancy for the country's proven gas reserves is 7.7 years, though the government has warned a supply deficit could occur as soon as 2024.

Gas consumption in Colombia is expected to surge over the next decade, driven by rising demand from thermoelectric power generators, the automotive sector and producers of blue hydrogen.