Petrobras Announces Major Gas Discovery in Colombia

Petrobras has announced a significant natural gas discovery in Colombia, estimating the reserves at around 6 trillion cubic feet, which could potentially double the country's current gas reserves. The discoveries, made at the Sirius-1 and Sirius-2 wells in the Guajira Basin, come at a critical time as Colombia faces energy supply challenges due to reliance on hydroelectric power amid a severe drought. Despite the promising find, the Colombian government, led by President Gustavo Petro, is committed to reducing fossil fuel extraction in favor of a low-carbon economy, sparking controversy and concerns about economic impacts. The consortium, which includes Petrobras and Ecopetrol, will continue operations while assessing the commercial viability of the reserves. Colombian gas reserves are dwindling, raising fears of a projected gas deficit, which has prompted increased imports. The development of the Sirius project is expected to involve an investment of around $5 billion and could begin production by 2029.