Petrobras
$PETR3
$PETR4 and Ecopetrol develop the largest gas basin in Colombia
Petrobras and the Colombian company Ecopetrol $ECOPETROL have announced the largest gas discovery in Colombia's history with the Sirius-2 well, which has confirmed a gas volume of over 6 trillion cubic feet (Tcf).
The consortium will invest USD 1.2 billion in the exploration phase and USD 2.9 billion in the production development phase. These amounts are already included in Petrobras' business plan until 2029, which was recently published. The four wells in the area are expected to produce around 13 million cubic meters per day over a decade.
According to Petrobras, this discovery could increase Colombia's current reserves by 200%. The well was started on June 19 and is located in an offshore block 77 kilometers from Santa Marta in northern Colombia at a water depth of 830 meters.
The company expects to start producing natural gas three years after obtaining all environmental permits and confirming the economic viability of the discovery, which is expected in 2027.
The consortium, consisting of Petrobras Colombia as operator with a 44.44% interest and Ecopetrol with a 55.56% interest, will begin gathering the essential data for the installation of the pipeline and transportation of the natural gas from the field to the onshore gas processing plant, as well as the installation of the subsea production facilities.
