Ecopetrol seeks partners to extract natural gas from the Caribbean Sea

Isbel Lázaro.
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Ecopetrol

Inspenet, October 29, 2023.

Natural gas currently contributes 15% of Ecopetrol’s total revenues and represents 20% of hydrocarbon production. However, the goal for the year 2030 is for this energy source to reach a 30% share in the company’s hydrocarbon business.

The relevance of this resource has prompted the state oil company, Ecopetrol, to concentrate on the exploration and production of this valuable fuel in recent years. The company has made various discoveries of natural gas in the waters of the Colombian Caribbean Sea, which could have a significant impact on increasing the country’s gas reserves. Currently, gas reserves are only enough to satisfy demand for 7.2 years.

To take advantage of these resources, the company is seeking to establish collaborations with international companies interested in investing in the country . Among these companies are Repsol and Petrobras . The company has also started talks with Pemex to explore possible collaboration agreements in this promising sector.

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Ecopetrol’s new discoveries

One of the most recent discoveries is that of the Glaucus-1 well, located at a distance of more than 130 kilometers from the municipality of Coveñas, Antioquia. This area is already recognized for other significant discoveries, such as the Kronos-1 wells in 2015, Purple Angel-1 in 2017 and Gorgon-2ST2 in 2022.

Ecopetrol’s strategy focuses on introducing natural gas into the national system between 2027 and 2029. To achieve this, they are considering the possibility of building a gas pipeline that connects the Uchuva and Gorgon wells in the sea with the mainland. However, a detailed assessment of the seabed will be required before defining the pipeline route, obtaining environmental approval and carrying out prior consultations with communities near the infrastructure.

The president of the company, Ricardo Roa, has highlighted the importance of natural gas as an essential fuel in the energy transition, one of the main priorities of the national government. This fuel plays a fundamental role in ensuring stability in electricity generation, especially at times when non-conventional renewable energy sources, such as wind and solar energy, cannot guarantee that consistency.

Source: https://www.semana.com/amp/economia/empresas/petroleo-y-gas/articulo/ecopetrol-busca-socios-internacionales-para-extraer-gas-natural-del-mar-caribe/202334/

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