EL TIEMPO learned that the company Canacol Energy asked the Court of the King’s Bench of Alberta, in Canada, to have free rein to cancel gas supply contracts that is in force with several companies in Colombia.
It is about the contracts that the canadian company signed years ago for the natural gas supply that is required in the industrial processes, as well as to meet the consumption of homes and businesses.
However, although the canadian court accept the requestthe cancellation would still have to go through the filter of the Superintendence of Companies.
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Photo:iStock
This legal move is part of the insolvency process and debt reorganization which the company began in November 2025, after declaring a severe liquidity crisis.
The issue is not minor: with a participation of 7 percent, Canacol Energy is the second largest gas producer in Colombiaafter Ecopetrol (83 percent).
Therefore, his decision to stop gas supply puts at risk various companies that operate in Colombia and could end affecting the rates that households pay.
Companies that would be at risk
A source familiar with the matter assured EL TIEMPO that one of the most affected companies I would be Matoso Hillto which Canacol Energy provides you with more than 80 percent of natural gas what you require for your mining activity in Córdoba.
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Canacol Energy’s Nispero-2 well Photo:Canacol Energy
In the list of affected would also appear distributors as Surtigas, Gases de La Guajira, Gases del CaribePetromil Gas and Gases del Oriente, in addition to Enel Colombia.
The cancellation of these contracts I would not only put in risk the operation of the companies involved, but would force them to resort to imported gas—which is considerably more expensive— to fulfill their obligations.
The concern increases when taking into account that today there is only a regasification plant in Colombia (Spec, in Cartagena), which has compromised almost all of its capacity to supply the thermal waters of the Caribbean.
This panorama becomes more relevant with the arrival of a El Niño phenomenon at the end of 2026, at which time the operation of these plants is triggered and, therefore, the demand for natural gas.
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Photo:iStock
What is behind this decision?
Regarding the reason behind this decision by Canacol Energy, there are two versions. On the one hand, there would be the possibility that the company seeks release that gas for sell it on the spot market still much higher price.
Due to the current shortage in the country, there I could get much higher prices than those initially agreed upon, thus achieving a greater financial benefit.
The other version indicates that the move would respond to a default risk in the supply by the company, since both its production as its sales have been affected in recent years.
Specifically, the deterioration of its gas sales started in August 2023after the company faced problems at the Jobo treatment plantas well as in producing wells.
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Cartagena Regasification Plant Photo:Squid
The company began that year with 185.6 million cubic feet per day (mpcd); However, due to operational difficulties, this figure was reduced to reach 123.1 mpcd in the third quarter of 2025, representing a drop of 33.6 percent.
However, these sales have continued to decline and Currently they are around 80 mpcd, according to recent reports from KPMG, which acts as an independent judicial monitor to supervise the process of restructuring of Canacol Energy.
The situation of this company became so critical who decided to put their assets up for sale. Ecopetrol emerged as a potential buyer and, at the end of August 2025, signed a confidentiality agreement to evaluate alternatives.
