Colombia: Upcoming Gas Regulations in Colombia
The regulatory structure for the commercialization of natural gas in Colombia is currently in transition. New regulation is being proposed by the Colombian Energy and Gas Regulatory Commission (in Spanish: “Comisión de Regulation de Energía y Gas” or “CREG” for its initials in Spanish) in which there is a change in both the regulatory structure and the perspective of how natural gas will be traded in Colombia.
The Colombian market on 2011 showed gas reserves of 6.630 GPC (giga cubic feet) and proved gas reserves of 5.463 GPC. This market has developed a high concentration on the natural gas supply, where most of the gas come from the field of Guajira, for the demand of the Atlantic coast, and the fields of Cusiana and Cupiagua for the demand for the interior of the country. Meanwhile, the gas transportation has been developed through natural monopolies that serve the demand for transport capacity connecting those fields to two major transportation systems.
In the recent years the Colombian market had to overcome with the shortage of natural gas, for this reason CREG has focuses the regulatory activity in a platform that has tended to internationalize the market, ensuring the domestic supply and providing reliability to the energy sector which is operated by natural gas. That is why in the recent years we have witness significant regulatory changes on the natur
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