Shell Withdraws from Major Colombian Offshore Gas Projects

Shell has withdrawn from several major offshore natural gas projects in Colombia's Caribbean, including the Gorgon, Kronos-1, Purple Angel 1, and Glaucus 1 wells, as part of its global portfolio strategy. Despite Shell's exit, Ecopetrol, Colombia's state-owned oil company, remains committed to moving forward with these technically and economically viable projects, considering them crucial for the country's energy supply and transition. Ecopetrol is now evaluating new strategies to ensure project continuity, including seeking new partners, securing financing, and planning connections to the National Transportation System to commercialize future gas production. The Gorgon project, which has confirmed reserves, is expected to start producing gas between 2031 and 2032, although the timeline means consumers will wait several years for new supply. The Colombian government and Ecopetrol hope these developments will reduce the nation's dependence on imported gas and support the broader Caribbean region's energy ambitions. Shell's continued collaboration with Ecopetrol in other ventures, such as in Brazil, underscores that the split is strategic rather than a complete withdrawal from the Latin American energy sector.