Petrobras and Ecopetrol confirm the most significant gas discovery in Colombia

Petrobras, through Petrobras International Braspetro B.V., a Colombian branch (PIB-COL), and Ecopetrol confirm Colombia's most significant gas discovery ever by drilling the Sirius-2 well.

The Sirius-2 well started being drilled on June 19, 2024. It lies inside the area of the maritime block GUA-OFF-0, 77 kilometers off Santa Marta (capital of the Magdalena department, in the country's north), at a water depth of 803 meters.

The assessment of the Sirius-2 well results confirmed local volumes of over 6 trillion cubic feet (Tcf) in place (VGIP). This discovery may increase Colombia's current reserves by 200%.

Because of this result, the consortium formed by PIB-COL, as the operator (44.44% stake), and Ecopetrol (55.56% stake) will start gathering oceanic metadata as a part of the discovery's Production Development Project. Those data, combined with environmental information about the bottom of the sea, bathymetry, and geotechnical/geophysical information, are essential to the installation of the gas pipeline that will carry natural gas from the field to the onshore gas treatment unit, including the installation of subsea production systems.

The consortium is expected to invest USD 1.2 billion in the exploratory phase and another USD 2.9 billion in the production development phase. The investments apportioned to PIB-COL are included in Petrobras's 2025-2029 Business Plan. Natural gas production is projected to start within three years of securing all environmental licenses, aiming for a 2027 launch if the discovery proves commercially viable. Through four producing wells in an innovative design "subsea to shore," the expected production is roughly 13 million m³/day for 10 years.

Based on this discovery, with a substantial volumetric potential for natural gas, the social/environmental and licensing procedures required to carry the gas to consumer centers will begin.

Petrobras reaffirms its commitment to conducting operations in Colombia, working safely, respecting life, people, and the environment, and acknowledging the importance of talks with the local communities and compliance with the country's legal requirements.