Ecopetrol and Petrobras Announce Major Gas Discoveries in Colombia

Colombia’s state-run oil company, Ecopetrol, and Brazil’s Petrobras have announced two significant gas discoveries, which executives say will substantially boost the country’s gas reserves and ensure energy self-sufficiency.

Amid declining reserves, which fell to 2.4 trillion cubic feet by the end of 2023 (equivalent to 6.1 years of consumption), concerns over Colombia’s energy security have been growing. The new discoveries are expected to allay those fears.

At the Colombian Petroleum Association’s forum in Cartagena, Petrobras revealed that the Sirius project—jointly developed with Ecopetrol—has more than 6 trillion cubic feet of gas in place. The project is expected to begin producing offshore gas between 2029 and 2030, with initial daily production of 13.3 million cubic meters (470 million cubic feet) over a 10-year span. The total investment could reach $5 billion, with $2 billion allocated for exploration and $3 billion for production development.

Ecopetrol’s CEO, Ricardo Roa, also announced the discovery of a new offshore well, Papayuela, which could potentially produce 800 million cubic feet of gas per day, covering nearly 80% of Colombia’s national demand once developed in five to seven years.