Ecopetrol seeks Venezuelan gas contract and unconventional hydrocarbon exploration in Magdalena Medio

Ecopetrol announced plans to negotiate a 10-year gas import contract with Petróleos de Venezuela S.A. (PDVSA) and to explore unconventional hydrocarbons in the Magdalena Medio region. Joaquín Gutiérrez, President of Ecopetrol, shared these developments during the company's third quarter 2026 financial results conference. The move comes as Colombia seeks to stabilize its energy supply following a significant decline in domestic production.

Energy Security and Pipeline Negotiations

The proposed agreement with PDVSA involves the potential reactivation of the Antonio Ricaurte pipeline. This 88-kilometer pipeline connects the Lake Maracaibo region in Venezuela with La Guajira in Colombia. The Colombian government has designated the Antonio Ricaurte pipeline project as a project of national and strategic interest. Ecopetrol has applied for a specific license from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury to proceed with the negotiations and the operation of the pipeline.

President Joaquín Gutiérrez stated that the gas price from Venezuela would be very competitive and well below current market levels. However, President Joaquín Gutiérrez also emphasized that Ecopetrol will not take any steps outside the regulatory framework regarding the pipeline. The company projects an initial import volume of 50 million cubic feet of gas per day, which represents approximately 5% of national consumption.

The need for imports is highlighted by recent data from Campetrol, which showed that imported gas accounted for 37.1% of Colombia's gas demand in September 2026. Furthermore, domestic commercial gas production in Colombia decreased by 12.9% during the first nine months of 2026 compared to the same period in 2025.

Unconventional Hydrocarbon Exploration

In addition to gas imports, Ecopetrol is evaluating the reactivation of exploration in the La Luna formation located in the Magdalena Medio Valley. The exploration of unconventional hydrocarbons in the La Luna area is currently in a technical prospectivity and business case structuring phase. Elsa Jaimes, acting Executive Vice President of Hydrocarbons at Ecopetrol, stated that technical studies are being updated using seismic and well data.

The La Luna formation has gained attention due to geological characteristics that allow for comparisons to the Vaca Muerta development in Argentina. While the technical studies continue, the company is working to determine the commercial viability of these unconventional resources to support the national energy matrix.

Glossary

• Magdalena Medio — Magdalena Medio is an extensive inter-Andean valley located in the central part of the Magdalena River valley in Colombia. The region is spread across the departments of Antioquia, Bolívar, Boyacá, Cesar, and Santander.
• La Luna formation — The La Luna formation is a geological formation located in the Magdalena Medio Valley. It is characterized by geological features that allow for comparisons to the Vaca Muerta development in Argentina.
• Petróleos de Venezuela S.A. (PDVSA) — Petróleos de Venezuela S.A. (PDVSA) is a state-run oil company. It has functioned as a direct government arm used to inject profits into social spending.
• Vaca Muerta — Vaca Muerta is a zone of unconventional resources. It is used for the extraction of crude oil and natural gas.