The Colombian national oil company is focusing on growing demand from the domestic market and the potential of its reserves.
Ecopetrol has announced its intention to proceed with natural gas drilling operations in the Colombian Caribbean, despite the recent withdrawal of Shell from three offshore blocks, according to a Bloomberg report.
The Colombian national oil company is focusing on growing demand from the domestic market and the potential of its reserves.
After Shell’s strategic decision to exit the COL-5, Purple Angel and Fuerte Sur blocks, effectively ending its exploration in Colombia, Ecopetrol is considering either advancing on its own or seeking new partnerships.
Ecopetrol vice-president of hydrocarbons Rafael Guzman was quoted as saying: “Not only is there a need for gas in Colombia but these are projects that have very good returns.”
The move comes as Ecopetrol races to develop new gas sources in response to Colombia’s diminishing reserves, which have led to increased imports to meet demand from homes and factories.
With President Gustavo Petro’s administration having halted new exploration contracts since 2022, companies such as Ecopetrol are under pressure to extract value from existing assets.
The first gas output from these offshore wells is anticipated no sooner than 2029.
However, the Sirius-2 well, which Ecopetrol shares with Petrobras, has the potential to triple Colombia’s gas reserves if the find is commercially viable.
Currently, Ecopetrol and Petrobras are drilling the Buena Suerte well in the GUA-OFF-1 block, with plans to target the Papayuela prospect next.
According to a recent government report, Colombia’s proven gas reserves dwindled to just 5.9 years of consumption as of the end of 2024, the lowest level in more than a decade. In contrast, oil reserves have seen a slight increase to 7.2 years of consumption.
Recently, Ecopetrol agreed to acquire Statkraft’s Colombian renewables portfolio, Enerfín Colombia.
This acquisition includes the 130MW Portón del Sol solar plant, the country’s first utility-scale solar facility, and is expected to be finalised in the third quarter of 2025.