Ecopetrol expects natural gas from Colombia’s Caribbean waters to be operational by 2029two years later than previously planned and not in time to stem an impending fuel shortage.
(We suggest: Financing for the energy transition could put pressure on Ecopetrol’s rating).
Colombia will face a gap between its domestic natural gas supply and total demand starting next yearThe fuel gap of around 12% is expected to widen to around 30% by 2026 and will continue to increase until deepwater deposits meet local needs.
Meanwhile, Colombia’s largest companies areThey are preparing for energy costs to skyrocket and gas imports could cost two or three times as much. than the current domestic supply.
(See also: Oil drilling rigs hit three-year low due to low production).
Ecopetrol plans to spend $300 million this year – the largest investment in offshore drilling in any year– as it tries to produce more natural gas and deliver it to consumers in less than the 10 to 15 years it typically takes to get it to market, according to Elsa Jaimes, the company’s offshore chief.
The gas of the block Tayrona, which Ecopetrol has in partnership with Brazil’s Petrobras, could be the first to come into operation because it requires less additional onshore infrastructure than the block it has with Shell Plc, Jaimes said in an interview in Bogota.
Ecopetrol and Petrobras are currently drilling the Uchuva-2 well, which is part of the Tayrona block.and they expect to have results from their natural gas potential in November or December. Ecopetrol CEO Ricardo Roa said earlier this year that Offshore gas could be available as early as 2027.
(We suggest: This is how gas prices have changed, before the tariff pressure that will come in 2025).
The moment pIncreasing production depends mainly on community approval.It is local and obtaining an environmental license, which is expected to take about three years, according to Jaimes. “The timing is not just up to us,” Jaimes said. “We need everyone’s help.
BLOOMBERG
