Storage tanks and towers of Ecopetrol’s Barrancabermeja refinery on the Magdalena River. (Photo: Yesid Ferney Patiño, CC BY 3.0 via Wikimedia Commons)

ENERGY · COLOMBIA

Ecopetrol eyes Venezuela as a source of new oil and gas business, the Colombian state-controlled company said on Wednesday 30 September. Its president, Joaquín Gutiérrez Caballero, travelled to Caracas for the International Oil and Gas Congress this week.

The company called Venezuela “a market of interest” because of the scale of its resources. It stressed that the trip is about relationships and exploring options, not a signed deal.

What Ecopetrol said

In its statement, Ecopetrol said the visit aims to identify opportunities that support the “rebirth” of its hydrocarbons business. It also wants to exchange experience and study growth prospects for the regional energy sector.

Gutiérrez took charge in late September after leadership changes, as Ecopetrol President: Colombia Picks Campaign Chief Gutiérrez From 28 September reported. Caracas is his first international appearance in the role, El Espectador noted.

The company said it ran due diligence and risk analysis before attending. It added that it designed protocols to stay within general licences issued by OFAC, the US Treasury office that enforces sanctions.

Why gas is behind the interest

Colombia's average marketed gas output fell from 1,073.2 million cubic feet a day in 2022 to 794.2 in 2025 (2022 figure derived from the reported 279 MPCD gap). Source: Campetrol figures reported by El Espectador, 30 September 2026.

Colombia now produces less gas than it consumes. Campetrol, the oil services industry association, put marketed output at 794.2 million cubic feet a day in 2025, down 17.1% on 2024.

That is 279 million cubic feet a day below 2022, El Espectador reported. Campetrol estimates that about 26% of the gas Colombia consumes in 2026 could be imported.

Imports arrive mainly through the SPEC regasification terminal in Cartagena, with capacity of 475 million cubic feet a day. The 224-kilometre Antonio Ricaurte pipeline to Venezuela has been out of service for years, as Venezuela Gas Pipeline to Colombia Needs Repair explained.

What Ecopetrol does. Ecopetrol S.A. operates as an integrated energy company. It operates through four segments: Exploration and Production; Transport and Logistics; Refining and Petrochemicals; and Energy transmission and Toll Roads Concessions. The Exploration and Production segment engages in the exploration and production of oil and gas. The Transport and Logistics segment is involved in…

The opening, and its limits

Venezuela began courting foreign oil investment after the United States captured Nicolás Maduro in January, El Tiempo and Gestión reported. Caracas targets output of 1.37 million barrels a day by the end of 2026, according to El Espectador.

Colombian voices see room for business. Jorge Jaller, Colombia’s ambassador in Caracas and an Ecopetrol board member, called it “totally viable” to work with Venezuela, El Tiempo reported.

Campetrol’s Nelson Castañeda told La FM that Venezuela could fit a diversified Ecopetrol portfolio. He added that any move would have to be assessed within the company’s international strategy.

The obstacles are real. Speakers at the Caracas congress named the unstable power grid as a main barrier, El Cooperante reported.

Sandra Conde of CAF, the Latin American development bank, estimated grid repairs at about US$5 billion. She said only around 40% of Venezuela’s 32,800 MW of installed capacity is available.

What Is Not Yet Known

Ecopetrol has not said which opportunities it is studying or with which companies. Local outlets list oil fields, gas imports, light crude purchases and power links, but none is confirmed.

It is also unclear how long the pipeline would take to restore. Earlier sector estimates, cited by El Espectador, put it at 18 months to two years.

For now, Ecopetrol eyes Venezuela from the exploration stage. Any deal would still need contracts, regulatory approval in both countries and clearance under US sanctions rules.

Sources: Ecopetrol statement, 30 September 2026; El Espectador, 30 September 2026 (Campetrol data); El Tiempo, 30 September 2026; El Tiempo, 21 September 2026; Caracol Radio; La FM; El Cooperante; Gestión.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.