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Retail gas prices surged in Colombia, with Vanti hiking Bogotá rates by 36% and EPM raising Medellín's by 21%.

NG Energy also reported an increase to its line of credit facility with Macquarie Group by an additional US$12 million, raising the total to US$25.6 million.

The current administration's refusal to bring new gas supplies online is already affecting consumers.

The find comes as Colombian gas reserves have fallen to critically low levels, and a recent court ruling halted operations in a major existing gas field.

While the fall was slightly better than expected, the positive difference is likely not enough to radicalize the central bank into taking more drastic measures.

"We are pleased to help Colombia secure access to international LNG markets and ensure the reliability of its energy system," said Höegh LNG CEO Erik Hyheim.

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

More than 200 decision makers attend the Colombia Oil & Gas Congress each year.

Ironically despite the stubborn inflation, the Central Bank at this Friday's meeting will not be increasing rates.

As of September, EPM has transferred $1.6 billion to the District of Medellín. Q3 revenues were $9.8 billion COP