Colombia’s natural gas market is entering a period of sustained pressure as domestic production declines, new supply remains years away, and dependence on imported LNG deepens. The depletion of mature onshore fields, the freeze on new exploration licences, and delays in expanding import and transport infrastructure are converging at a time of rising demand, leaving regasification capacity as the main short-term buffer against widening supply deficits. The decline in domestic output began in 2023 and has continued as legacy fields –…