Petrobras and Ecopetrol are expected to obtain licenses for their offshore gas project in Colombia by mid-2026. The project, with confirmed reserves of 6 trillion cubic feet, aims to mitigate Colombia’s gas deficit. Expected gas output is 13 million cubic meters per day, with production potentially starting by 2028 or 2029. Colombia will not pursue new offshore bidding rounds, focusing instead on previously awarded areas.
The Brazilian state-owned company Petrobras and Colombia’s Ecopetrol are projected to obtain necessary licenses for a collaborative offshore gas project in Colombia by mid-2026, as stated by Orlando Velandia, the head of Colombia’s hydrocarbons regulator. This project has confirmed approximately 6 trillion cubic feet (TCF) of natural gas reserves, allowing it to be deemed commercially viable. The partners are set to complete drilling a new well this year while preparing for development.
Before infrastructure construction can commence, the project requires both an environmental and a social license. Velandia emphasized the significance of this initiative and other developments along Colombia’s Caribbean coast in addressing the country’s gas deficit and reducing reliance on liquefied natural gas (LNG) imports.
Velandia indicated that if consultations can be optimized, the environmental license might be obtained by mid-next year, positioning the project for a potential gas line completion by late 2028 or early 2029. Petrobras’s Tayrona block is pivotal to these plans, with an expected output of 13 million cubic meters per day of gas to be supplied to Colombia.
Despite the existing gas deficit, Colombia does not envisage a new bidding round for offshore blocks, as many previously awarded areas are anticipated to transition from exploration to production in the upcoming years, thus ensuring a stable energy supply for the country. Concurrently, Colombia is enhancing its capabilities to receive LNG imports through floating regasification facilities.
In summary, the joint offshore gas project by Petrobras and Ecopetrol is poised to make significant contributions to Colombia’s energy needs by mid-2026. With extensive natural gas reserves confirmed, the emphasis on optimizing consultation processes and acquiring necessary environmental licenses could lead to substantial gas production by 2028 or 2029. The initiative highlights Colombia’s strategies to address its gas deficit while advancing its offshore energy program.
Original Source: www.marketscreener.com
