(Oil Price) – Brazilian oil giant Petrobras, in partnership with Colombia’s state-run Ecopetrol, has confirmed the largest natural gas discovery in Colombia’s history. Drilling results from the Sirius-2 well, located in the Guajira Offshore Basin, have revealed over 6 trillion cubic feet (Tcf) of gas in place—enough to potentially double the country’s existing reserves. Petrobras holds a 44.44% stake in the consortium, while Ecopetrol owns 55.56%.
The Sirius-1 and Sirius-2 wells were previously named the Uchuva-1 and Uchuva-2 wells. Brazil’s Petrobras, through its Colombian unit Petrobras International Braspetro B.V., is the operator of the wells with a stake of 44.44%, in a consortium with Colombia’s national oil and gas firm Ecopetrol, which holds a 55.56% interest.
Colombia’s declining gas production and delayed projects have created an urgent need for new supply for the country, with domestic demand expected to outstrip available resources as soon as 2025. The supply and demand disconnect could leave Colombia with a supply gap of 30% by 2026.
While the Sirius find offers hope, Petrobras has stressed that additional testing and studies are needed to determine the commercial viability of the reserves.
Colombia’s oil and gas sector has other challenges as well. Pipeline attacks by the ELN guerilla group have surged, with 14 incidents reported since August, disrupting operations and cutting into revenues. Ecopetrol has warned that the attacks threaten production and the subsequent fuel supplies to major refineries.
Meanwhile, Colombia’s energy industry is grappling with policy changes under President Gustavo Petro, who has been supportive of the transition away from fossil fuels.
If developed successfully, the Sirius discovery could secure Colombia’s energy future, but the path forward will require navigating political, environmental, and security hurdles.
By Julianne Geiger for Oilprice.com
