In August, Ecopetrol and Shell announced an important gas find in the Colombian Caribbean in their offshore exploration. Although there has been speculation about the potential of the reserves, its magnitude is still unknown.
Ana María Duque, President of Shell for Colombia and Central America, He said that in the second half of 2023 these data would be known.
(See: Ecopetrol subsidiary finds gas deposit in the Caribbean).
In general terms, what does the finding that they announced in the sea mean?
This year we drilled the Gorgón-2 well and that is a delimiting and exploratory well; in other words, it allows us to deepen our geological knowledge. Naturally that is not black and white, it gives some ideas and information that we are currently evaluating and processing.
Our teams are trying to speed up, but we are in the process of evaluating. What I can say is that the results so far have given us enough confidence to continue progressing in the project and above all to continue with the key conversations that we are having. Even though we still do not have conclusive information, I can say that the results so far are positive and above all they motivate us to continue wanting to advance in the development and understanding of this project.
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These advances in what sense will they be?
There are three areas we are working on in parallel. One is technique; then the results are being evaluated trying to understand and interpret the information that could be acquired in this drilling of the well and in a production test that we did. The second thing is the entire commercial part, we must have an identified market and some potential clients to make a final investment decision because we need to be sure that it will be able to be monetized. There is a third one that is a regulatory issue. One of the great challenges facing our project and the gas market in general is that there are two markets, which are very far apart.
How have these negotiations progressed for a stamp?
I had meetings with the main transporters, with people from Creg, and I think there is a very favorable environment to take that step.
I think there is a clarity that it is something that is needed to revitalize the sector, we have to speed up, we have to give the sector some signals soon.
In principle, this can be regional, the idea is that in the future we can ensure that the physical infrastructure allows us to stamp nationally and that we have the possibility of transporting gas from one place to another without having a significant impact on the cost for the end user.
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What has been the progress in approaching clients?
What we do is identify potential customers, industrial, for example, who currently use natural gas or who are interested. We have talked a lot about the importance of natural gas in being able to replace the use of coal and the positive impacts.
We have also been talking with potential buyers from the regulated sector, for residential use, because we have spoken several times that we are close to the possibility of having an imbalance in supply and demand.
Would this gas be for export or exclusively for the domestic market?
Our project has the vocation to serve the domestic market, that is the reason why our project was conceived and why it has an interesting position within our company’s portfolio. Our focus is the domestic market.
The president of Ecopetrol believes that in this decade he can be producing, is it possible?
I believe that what Felipe Bayón affirms is possible, as long as we continue to advance in these different aspects. We can see it in this decade if we manage to align the technical, commercial and regulatory issues and take the step to enter a stage of development and commercialization and above all if we have a conviction that this is a project that we want to prioritize.
(See: Ecopetrol will invest $10 billion in gas: this is how the projects will be).
When would the market know the results of these activities?
I think that 2023, in the second half we would have a result.
Are they doing more exploratory activity?
Yes, we have two more contracts with Chevron where they are the operator. We have 60%, they have 40%, but they are operated by Chevron through its subsidiary company.
What result have you seen so far?
The truth is that it is still exploratory. We are very focused on the Gorgon blocks, it is the project that we have operated.
(See: Minenergía defends importing gas: “It does not mean losing autonomy”).
The ACP warned of risks for offshore exploration with the tributary, what analysis do they do?
I think it is important that the government is open to dialogue, we have been able to have some conversations in relation to the first version that was presented. I think there is some important progress, on the issue of offshore free zones it was important to explain the reason and what was announced yesterday about the gas surcharge is something that is also important.
I think we have to continue giving the debate on the deductibility of royalties but more fundamentally I think there was a debate on the importance of maintaining the conditions in which the contracts were concluded.
DANIELA MORALES SOLER
Journalist Portfolio
