Colombia's Gas Reserves Boost: A New Offshore Era

Colombia and Brazil's oil giants, Ecopetrol and Petrobras, have announced significant gas discoveries, bolstering Colombia's energy reserves and addressing self-sufficiency concerns. The discoveries, including the massive Sirius project and the Papayuela well, promise a substantial increase in the country's gas production capabilities over the next decade.

Colombia and Brazil's state-run oil corporations, Ecopetrol and Petrobras, have confirmed two significant offshore gas discoveries expected to substantially bolster Colombia's energy reserves. This development addresses growing fears over the country's self-sufficiency in gas supply as reserves dwindle.

The Sirius project, operated by Petrobras, is set to produce an estimated 13.3 million cubic meters daily from 2029. Valued at around $5 billion, the project is lauded as Colombia's largest offshore discovery, potentially doubling national reserves. Meanwhile, Ecopetrol announced the new Papayuela well, capable of producing 800 million cubic feet daily, satisfying 80% of national demand.

This news provides a timely boost for Colombia's energy sector, which has been under pressure due to legal concerns and dwindling reserves. With a gradual suspension order on another well, the developments in Sirius and Papayuela offer fresh hope for the country's energy future.

(With inputs from agencies.)