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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

4th quarter consolidated revenue amounted to COP 31.8 trillion, net income of COP 6.1 trillion, and EBITDA of COP 14.0 trillion with an EBITDA margin of 44%

NG Energy International Corp. is a publicly traded E&P company with a business model focusing on producing and bringing gas to the premium priced Colombian gas market

With the culmination of the purchase of a controlling 51.4% stake in Interconexión Eléctrica ("ISA"), the quarterly figures include the consolidated results of this subsidiary for one month.