Ecopetrol lines up 10-year Venezuelan gas buy, prepares pipeline ask

What Ecopetrol is negotiating

Colombia's state oil company is in talks with PDVSA to secure natural gas for a decade. On Ecopetrol's third quarter earnings call on Friday, CEO Joaquín Gutiérrez said the price under discussion would be "very competitive" and "well below" prevailing market levels.

The pipeline opening

Gutiérrez called the cross-border Antonio Ricaurte pipeline the most immediate path to move gas between Venezuela and Colombia, and noted the Colombian government has deemed the project of national and strategic interest. Ecopetrol intends to request authorization from PDVSA to operate the 88-kilometer segment inside Colombia and has applied to U.S. authorities for the required license tied to the line. "We will not take a single step outside that framework," he said, referring to regulatory requirements.

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The backdrop and what to watch

Colombia's gas balance is tightening as local production declines, pushing the country to rely more on imports. In September, imported supply covered 37.1% of demand, the highest share on record, while domestic marketed volumes fell 12.9% over the first nine months compared with the same period in 2025. Following a recent visit to Venezuela, Gutiérrez highlighted prospects within that country's petroleum sector that may increase Ecopetrol's consolidated reserves, a thread investors can monitor as negotiations and approvals move forward.

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