Colombia's Offshore Gas Discovery May Ease Supply Challenge
Colombia's natural gas reserves are dwindling, but recent offshore discoveries may provide a lifeline. The Sirius project, led by Petrobras and Ecopetrol, has the potential to produce over 60% of Colombia's natural gas output in 2025. This is significant because Colombia relies heavily on imported liquefied natural gas (LNG) due to declining domestic production.
The Sirius project is estimated to contain more than 6 trillion cubic feet of natural gas, making it the largest discovery in Colombia to date. Petrobras and Ecopetrol expect first gas from the project between 2029 and 2030, with projected development costs of US$2.9 billion.
Colombia's natural gas reserves currently stand at 1.717 trillion cubic feet, which is about 5.9 years of production at current rates. The country has been seeking to expand its resources and reduce its dependence on energy imports. By developing the Sirius project, Colombia can potentially reduce its reliance on LNG and stabilize its energy supply.