Massive Gas Discovery in Colombia: A Turning Point for Energy Reserves

The discovery of a vast natural gas deposit in the Colombian Caribbean could double the country's energy reserves, according to Ecopetrol and Petrobras.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The Colombian national company Ecopetrol and the Brazilian oil giant Petrobras announced Thursday the discovery of a considerable natural gas deposit in the Colombian Caribbean. This find, located off Santa Marta, promises to double the country’s gas reserves, marking a significant step for Colombia’s energy industry.

The gas field, initially discovered in 2022, holds estimated reserves of 6,000 billion cubic feet of gas. Ecopetrol described this discovery as the “most important well since the 1990s” on its X account, highlighting the strategic importance of this deposit for Colombia.

Rogerio Soares, general director of exploratory assets at Petrobras, stated at an event in Cartagena that this gas field represents a major opportunity to strengthen Colombia’s energy security. Its size is comparable to that of the Cuchupa field in Riohacha, which has been supplying gas to the country for 45 years.

This announcement comes shortly after President Gustavo Petro’s government unveiled a $40 billion financing plan dedicated to the energy transition. The goal is to reduce Colombia’s dependence on oil, gas, and coal by promoting renewable energies.

Economic and Political Impact

Elected in mid-2022, Gustavo Petro is the first leftist president in Colombia’s history. A critic of extractivism, he aims to redirect the activities of the public company Ecopetrol towards renewable energies. To this end, he has suspended new oil exploration contracts, causing tensions with the conservative opposition and energy sector unions.

The hydrocarbons sector currently represents 2.8% of Colombia’s gross domestic product (GDP), according to data from the national statistical authority, the Dane. Oil remains one of Colombia’s main export products, the fourth economy in Latin America.

Environmental Consequences and Energy Challenges

In recent months, Colombia has experienced an exceptionally hot season, exacerbated by a drought that has increased the risk of energy shortages and power outages. Experts warn that the country could face a gas deficit of 7.5% in 2025 and 16% in 2026, according to Naturgas, the national association of gas companies.

Furthermore, Colombia is in the midst of a water crisis, aggravated by the El Niño climate phenomenon. In response, the country has significantly increased its gas imports, with a rise of 2,500% between 2022 and 2023. Natural gas currently covers between 25% and 30% of the national energy demand, according to industry figures.

Future Perspectives

The discovery of this natural gas deposit comes at a crucial time when Colombia is seeking to balance its energy transition ambitions with the reality of its growing energy needs. While this discovery enhances the country’s energy reserves, it also raises questions about the future trajectory of Colombia’s energy policy and its commitment to renewable energies.

Decisions made in the coming years will be decisive for Colombia’s energy future, both economically and environmentally. Managing this new deposit and balancing the exploitation of fossil resources with the development of renewable energies will be at the heart of political and industrial debates.

Calpine Corporation has finalised a public funding agreement to accelerate the construction of a peaking power plant in Freestone County, strengthening Texas’s grid response capacity during peak demand periods.
Naftogaz urges the European Union to use Ukraine’s gas storage capacity as part of a strategic reserve system, while calling for the end of storage filling obligations after 2027.
Spanish gas infrastructure operator Enagás is in advanced talks to acquire the 32% stake held by Singapore’s sovereign wealth fund GIC in Terega, valued at around €600mn ($633mn), according to sources familiar with the matter.
BP has awarded Valaris a $140mn drilling contract for a Mediterranean offshore campaign aimed at reinforcing Egypt’s declining gas output since 2021.
Egypt’s petroleum ministry will launch 480 exploration wells by 2030 with investments exceeding $5.7bn, aiming to revive production and reduce reliance on imports.
Faced with declining domestic consumption, Japanese liquefied natural gas (LNG) importers are ramping up commercial optimisation strategies and favouring shorter contracts to protect profitability.
European inventories curbed price declines as liquefied natural gas (LNG) supply expands and demand stays weak. Cargo arbitrage favours Europe, but winter will determine the equilibrium level. —
Sonatrach and Midad Energy North Africa signed a production-sharing hydrocarbon contract in the Illizi South perimeter, involving a total investment estimated at $5.4bn for exploration and exploitation of the site.
Kuwait Petroleum Corporation annonce une découverte majeure dans la zone offshore avec le champ de Jazah, soutenant les efforts publics d’investissement dans les infrastructures énergétiques nationales.
Rockpoint Gas Storage finalised its initial public offering in Canada with an upsized offer of 32 million shares for gross proceeds of C$704mn ($512mn), marking a new step in Brookfield’s partial divestment strategy.
Africa Energy postpones submission of its environmental impact assessment for Block 11B/12B following a recent court ruling affecting offshore exploration authorisations in South Africa.
The European Union’s gas system shows reinforced resilience for winter 2025-2026, even without Russian imports, according to the latest forecast by European gas transmission network operators.
US LNG producer Venture Global saw its market value drop sharply after an arbitral ruling in favour of BP reignited concerns over ongoing contractual disputes tied to the Calcasieu Pass project.
Pembina Pipeline Corporation has completed a $225mn subordinated note offering to fund the redemption of its Series 9 preferred shares, marking a new step in its capital management strategy.
A jihadist attack targeted Palma, a strategic area in northern Mozambique, marking a return of insecurity near TotalEnergies' suspended gas project since 2021.
Fermi America has signed an agreement with Energy Transfer to secure a firm natural gas supply for powering Phase One of its HyperGrid energy campus, dedicated to artificial intelligence, near Amarillo, Texas.
Rockpoint Gas Storage priced its initial public offering at C$22 per share, raising C$704mn ($515mn) through the sale of 32 million shares, with an over-allotment option expanding the transaction to 36.8 million shares.
Tailwater Capital secures $600mn in debt and $500mn in equity to recapitalise Producers Midstream II and support infrastructure development in the southern United States.
An economic study reveals that Germany’s gas storage levels could prevent up to €25 billion in economic losses during a winter supply shock.
New Fortress Energy has initiated the initial ignition of its 624 MW CELBA 2 power plant in Brazil, starting the commissioning phase ahead of commercial operations expected later this year.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.