Colombia’s natural gas industry association, Naturgas, has reported a 17% decline in the country’s proven natural gas reserves, raising concerns about supply adequacy as the El Niño weather phenomenon approaches.
The association emphasized that natural gas is critical for power generation during this period, when higher temperatures typically drive up electricity demand for cooling.
The warning comes at a time of heightened sensitivity in global gas markets.
Natural gas prices have been volatile following reports of a major explosion at a liquefied natural gas (LNG) export terminal in Qatar’s Ras Laffan industrial area.
The incident, which occurred during a restart operation, has disrupted flows and triggered a sharp repricing in global gas benchmarks.
While the Colombian reserve decline is a domestic structural issue, the timing amplifies its significance.