Key facts
- Colombia's proven oil reserves decreased by nearly 1% to just over 2 billion barrels.
- Proven natural gas reserves fell by 17% to 1.7 trillion cubic feet.
- Oil production hit a multiyear low of 724,910 barrels per day in April 2026.
- Natural gas output declined 14% to 694 million cubic feet daily in April 2026.
- The country is increasingly reliant on natural gas imports due to declining domestic production and reserves, exacerbated by El Niño's impact on hydropower.
Colombia's oil and natural gas reserves are experiencing a significant decline, raising concerns about the country's energy security and economic stability. The National Hydrocarbons Agency (ANH) reported that proven oil reserves have fallen by nearly 1% year-over-year to just over 2 billion barrels, while proven natural gas reserves plummeted by 17% to 1.7 trillion cubic feet.
This depletion of reserves is attributed to a decade of reduced investment in exploration and drilling, compounded by weaker oil prices, geopolitical risks, and reforms enacted by President Gustavo Petro's administration. Oil production has fallen to a multiyear low of 724,910 barrels per day in April 2026, and natural gas output has similarly dropped by 14% to 694 million cubic feet daily.
The shrinking domestic supply comes at a critical time, as Colombia faces a potential energy crisis due to the El Niño phenomenon, which is expected to severely impact hydropower generation, the primary source of electricity. This necessitates increased reliance on gas-fired thermal power plants, driving up demand for natural gas and leading to soaring imports of liquefied natural gas (LNG).
Colombia's growing dependence on LNG imports is contributing to rising inflation and placing structural pressure on the country's balance of payments. The challenging regulatory environment, including frequent tax hikes and attempts to ban fracking, along with rising violence in oil-producing regions, has deterred investment, leading some major companies like Exxon to exit the country.
There is hope that the incoming president, Abelardo de la Espriella, who takes office in August 2026, will implement necessary regulatory reforms and tax adjustments to revive the country's oil industry and reverse the trend of declining reserves and production.