Petro Seeks US Approval to Import Venezuelan Gas

Colombia's Ecopetrol Aims to Tap into Venezuelan Gas Supplies, Pending Washington's Consent

The president of Colombia's state-owned oil company, Ecopetrol, Ricardo Roa, has expressed hope that the United States will soon grant approval for Colombia to begin importing natural gas from Venezuela. This move comes as the two neighboring countries work to restore diplomatic ties and economic cooperation following years of strained relations.

According to Roa, Ecopetrol already has a timeline in place to repair the Antonio Ricaurte pipeline on the Colombia-Venezuela border, with the goal of receiving between 30 and 50 million cubic feet of Venezuelan gas per day starting in 2025. This would help address a projected deficit of around 85 million cubic feet per day in Colombia's gas demand.

However, the initiative is contingent on securing the necessary authorization from the U.S. government. In April, the Biden administration reinstated sanctions on Venezuela's oil and gas industry, though it included a provision allowing for the issuance of specific licenses.

Roa expressed optimism that the U.S. Office of Foreign Assets Control (OFAC) will soon "flexibilize" the restrictions, enabling Colombia to access Venezuelan gas supplies. He emphasized that Ecopetrol will not pursue the imports without the OFAC's approval.

The move to import Venezuelan gas comes as Colombia and Venezuela work to rebuild their diplomatic and economic ties under the leadership of left-wing President Gustavo Petro. The two countries restored full diplomatic relations in 2022 after years of tensions.

The potential gas deal highlights the complex geopolitical dynamics at play, as the Biden administration navigates its approach to Venezuela amid ongoing concerns over human rights and democracy. The outcome of Petro's request for U.S. approval will be closely watched as a test of the administration's willingness to ease sanctions and facilitate regional energy cooperation.