Ecopetrol Confirms Largest Gas Find in Colombia's History

In a statement posted on its website, Ecopetrol confirmed “the largest gas discovery in … [Colombia’s] history”.

The find came via the drilling of the Sirius-2 well in the Colombian Caribbean, Ecopetrol highlighted in the statement, which was translated from Spanish. The development is “part of the commitment to incorporate the natural gas that the country needs to strengthen energy security”, the company outlined in the statement.

Evaluation activities of the results of the Sirius-2 well drilling confirm in-place gas volumes greater than six trillion cubic feet, the translated statement noted, adding that this discovery could increase the country’s current gas reserves by 200 percent.

The expected production is around 470 million cubic feet per day for 10 years, according to the statement, which highlighted that the expected start of natural gas production is three years after receiving all environmental licenses. The consortium is estimating an investment of $1.2 billion for exploration phase one and $2.9 billion in the production development phase, the statement pointed out.

“Thanks to this result, the consortium, formed by Petrobras International Braspetro as operator (44.44 percent stake), together with Ecopetrol (55.56 percent stake), will begin the activities of meteoceanic data acquisition as part of the production development project of this discovery,” the statement noted.

“These data, together with environmental information on the seabed, bathymetry, geotechnical and geophysical information, are essential for the installation of the flow line for the transport of natural gas from the field to the gas treatment unit on land, as well as for the installation of production systems on the seabed,” it added.

“This discovery of a large volumetric potential for natural gas paves the way for the start of the socio-environmental and licensing procedures necessary to transport the gas to consumption centers, within the framework of a fair energy transition,” the statement went on to note.

According to the Energy Institute’s (EI) statistical review of world energy, which was released earlier this year, Colombia produced 12.1 billion cubic meters of natural gas in 2023. That figure marked a 3.0 percent year on year decrease and 0.3 percent of global natural gas production that year, the review outlined. From 2013 to 2023, Colombia’s natural gas output has fallen by an average of 0.9 percent per year, the review showed.

Argentina was the South and Central American country with the highest natural gas production figure in 2023, at 41.6 billion cubic meters, the review outlined. That figure marked a 0.2 percent year on year drop and 1.0 percent of total natural gas output last year, according to the review.

The EI’s natural gas production figures exclude gas flared or recycled and include natural gas produced for gas to liquids transformation, the review highlights.

In a statement posted on its website back in July, which was also translated from Spanish, Ecopetrol said it was “seek[ing]… alternatives to address [a] gas shortage in Colombia”.

“The Ecopetrol Group is moving forward with the implementation of the 2024-2034 roadmap, which seeks to guarantee the supply of natural gas to more than 40 million Colombians, with a plan that includes maximizing production within the country and offshore in the Caribbean, in addition to the import of energy,” that statement noted.

Ecopetrol SA is organized as a public limited company, linked to the Ministry of Mines and Energy, its site highlights. Ecopetrol shares are listed on the Colombian Stock Exchange and the New York Stock Exchange represented in ADRs (American Depositary Receipts), the site notes, adding that the Republic of Colombia is the majority shareholder with a stake of 88.49 percent.

The company has operations located in the center, south, east, and north of Colombia, as well as abroad, the site states. It also has two refineries in Barrancabermeja and Cartagena, the site points out.

To contact the author, email andreas.exarheas@rigzone.com