Overview
Table 1: Energy Market Size, US$ millions
| 2022 | 2023 | 2024 | 2025 (up to Feb) |
Total Exports | 339 | 442 | 701 | 100 |
Total Imports | 2,496 | 2,139 | 2,338 | 360 |
Imports from the U.S. | 410.1 | 685.6 | 863.3 | 136 |
Trade Surplus/Deficit | -2,157 | -1,697 | -1,637 | -260 |
Exchange Rates | 4,256.19 | 4,325.95 | 4,074.43 |
Units: $ Millions
Source: Global Trade Analytics Suite - S&P; World Bank Group.
Colombia’s energy transition is on a steady, though slower than expected trajectory. The country is unlikely to meet its most ambitious short-term targets, but is laying the groundwork for a more diversified, resilient, and lower-carbon energy system by 2030.
The Petro Administration, which took office after President Duque in August 2022, extended the renewable energy target deadline to 2030 and branded its approach as the “Just Energy Transition Plan.” The plan emphasizes social equity, territorial development, and community-level power generation, particularly in rural areas.
The Just Energy Transition Roadmap, launched in May 2024, sets an ambitious goal: 50% of Colombia’s energy supply from renewables by 2030. The roadmap also addresses job creation, democratization of energy, and a gradual phase-out of fossil fuels, although natural gas remains a key part of the transition strategy.
The roadmap and related policies have faced criticism for their lack of a gradual approach to phasing out fossil fuels. The Petro Administration has maintained its policy of not signing new oil and gas exploration contracts, a decision confirmed by the Ministry of Mines and Energy and repeatedly defended as part of Colombia’s climate commitments.
However, oil and gas remain central to Colombia’s economy, accounting for about 5% of GDP and over 43% (including other extractives industries such as coal and mining products) of exports. Ecopetrol, the state-owned oil company, continues to dominate the sector, operating all refineries and producing about 64% of the country’s oil and gas, with the rest being supplied by independent producers such as Parex Resources, Frontera Energy, GeoPark Holdings, and The Carlyle Group.
In 2025, Ecopetrol’s Board approved an investment budget of 24–28 trillion pesos, with over half allocated to exploration and production. The company aims for production levels of 740,000–745,000 barrels of oil equivalent per day, maintaining output despite natural declines in mature fields. Natural gas reserves are under pressure: as of end-20245, Colombia had only 5.9 years of gas reserves at current consumption, and mature fields like Chuchupa and Ballena are in decline. The 2024 estimates indicate that the oil reserves are projected to last for approximately 7.2 years. To address this, Colombia is prioritizing offshore gas development, increased Liquefied Natural Gas (LNG) imports, and onshore production. Offshore discoveries in the Caribbean present significant potential, but development is slowed by legal, environmental, and social consultation hurdles.
Electric Power and Renewable Energy
Hydropower still dominates Colombia’s electricity generation (about 68%), making the system vulnerable to climate variability. Delays in key transmission infrastructure, such as the Colectora line in La Guajira, have slowed the integration of new wind projects into the grid. Also, lengthy community consultations and regulatory uncertainty remain key obstacles to faster renewable deployment. Distributed generation is expanding, with over 1,000 private sector projects installing Solar Photovoltaic (PV) technology (solar panel systems) for self-generation. Offshore wind and clean hydrogen are emerging areas, with policy roadmaps and pilot projects underway, but large-scale deployment remains in early stages.
Leading Sub-sectors:
- LNG infrastructure
- Renewable Energy Generation and Storage (PV systems; renewable energy infrastructure, smart grid technologies)
- Drilling equipment (including directional drilling) and drilling fluids
- Enhanced oil recovery for selected fields
- Smart meters and demand response systems
- Turbine generator sets
- Green and blue hydrogen technologies
Opportunities
Colombia’s declining natural gas reserves and production are increasing the need for imports. In 2024, LNG imports hit record highs, and 2025 has already seen the arrival of new LNG cargoes at the Cartagena SPEC terminal, primarily from Trinidad and Tobago.
Ecopetrol is advancing plans for a second LNG import terminal in Buenaventura on the Pacific coast (Planta de Regasificación de Pacífico), which should come into operation in the second half of 2026. The contract was assigned to the company Puertos, Inversiones y Obras S.A.S., Pio S.A.S. This will create opportunities for exporters of LNG, technology providers, and engineering firms specializing in import terminals and regasification. The second phase of the project consists of the construction of a 110-km Buenaventura-Yumbo gas pipeline that will transport 400 million cubic feet of gas per day.
Colombia is implementing 12 strategic gas infrastructure projects to boost domestic supply and reduce import dependence. These include five onshore projects and the offshore Sirius project, a joint venture between Ecopetrol and Petrobras, set to begin commercialization in late 2025. These developments open opportunities for suppliers of drilling equipment, offshore services, and technology for both onshore and offshore gas extraction.
Ecopetrol, the national oil company, requires all suppliers to register via its Ariba platform. International firms seeking to participate in Colombia’s energy sector must comply with these procedures, which include demonstrating technical expertise in some cases.
New legislation has established a framework for green and blue hydrogen as part of Colombia’s non-conventional renewable energy sources, with incentives for investment and project development. In December 2024, Ecopetrol announced its plans to build the largest green hydrogen plant in Latin America at its Cartagena refinery, a $28.5 million project expected to produce 800 tons annually starting in the first half of 2026.
Colombia’s energy sector in 2025 is marked by a strong push for decarbonization, infrastructure expansion, and regulatory modernization, creating diverse opportunities for international investors, technology providers, and service companies across natural gas, renewables, emissions reduction, and circular economy initiatives.
Resources
Feria Renovables LATAM 2026 (Renewable Energy Industry)
Date: April 22-24, 2026
Puerta de Oro Convention Center
Barranquilla, Colombia
Cumbre de Petróleo y Gas (Oil and Gas Summit)
October 2026 - exact date TBD
Cartagena de Indias Convention Center
Cartagena, Colombia
ExpoSolar Colombia 2026 (Renewable Energy Industry – Solar Power Technologies)
October 2026 - exact date TBD
Corferias Convention Center
Bogota, Colombia
FISE 2027 (International Fair on the Electric Industry)
November 2027
Plaza Mayor Convention and Exhibition Center
Medellín, Colombia
For additional information, including market analysis, trade events, and the products and services that the U.S. Commercial Service can provide to help you succeed in the Colombian market, please contact:
U.S. Embassy Bogota
Norcia Ward
Commercial Specialist
Norcia.WardMarin@trade.gov
http://www.trade.gov/colombia