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Frontera board chair Gabriel de Alba called the discovery another positive development for the company's "potentially transformational investments in Guyana."

The depressed climate has lowered expectations that the energy generation system will realize the new capacity required to meet demand in the "medium term," per the agency.

"Fitch expects CNE's volumes sold, as percentage of total gas production, under long-term take-or-pay contracts to reduce from 99% in 2023 to 50% in 2026."

The consortium is composed of the companies LTD Sucursal Colombia, Schrader Camargo S.A.S., and Yellow River CO.

The French firm cited "significant delays in granting the environmental permits and licenses by local entities."

Ecopetrol subsidiary Reficar has asserted that CB&I has entered into an internal restructuring to avoid honoring the debt a court ordered it to pay in June.

With this marking the second failed tender, many are concerned for the long-term gas supply in a region that lacks infrastructure and stability.

EPM revealed the $983 million USD settlement sum last month after a court ordered the Colombian public utility to disclose the figure paid by its insurer Mapfre.

New exploration and drilling in Colombia and Ecuador came alongside the Canadian company's large Guyana discovery this quarter.

The board of directors' decision has spurred fears of a leadership crisis and controversy about the future of Colombia's most important company.