The Pau-Brazil field, discovered by BP off the coast of the Latin American country, is one of the largest deepwater findings, with stable reservoir pressure and high-quality light oil (28 to 30 degrees API), from pre-seal carbonate reserves.

The British company, with more than 50 years in Brazil, which shares the license with CNOOC (30 %) and Ecopetrol (20 %), has indicated that this field could contain up to 8 billion barrels of oil.

The discovery “occurred after drilling the offshore well 1-BP-12-RJS, reaching a depth of 6,300 meters in the Santos Basin” and is highly positive for the Brazilian oil industry.

According to some analysts, it could contribute approximately 1.5-2 billion barrels of recoverable oil to the South American nation.

Now, it is necessary to evaluate the recovery factor to determine the commercially viable volume of the Pau-Brazil field, located about 230 km off the coast of Rio de Janeiro.

M.Pino

Source: elperiodicodelaenergia

(Reference image source: gustavo nacht on Unsplash)        

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Colombia has new gas reserves in Caribbean waters that would allow it to extend its autonomy for between 12 and 15 years, according to information from Ecopetrol president Ricardo Roa.

“The recent discovery of large natural gas reserves in the waters of the Colombian Caribbean brings with it a mixed outlook for the country. While the good news points to guaranteed self-sufficiency for 12 to 15 years, the bad news reveals that the nation will have to continue importing gas for at least five years.”

This was stated by Roa, who added that Colombia currently has “2.3 tera cubic feet of gas, with an expected consumption that lasts only 6.1 years. The new reserve, located in the Sirius well, could add 4.5 extractable tera cubic feet.”

The president of the Colombian oil company highlighted the exploration of other blocks in collaboration with different companies, which could support local energy security as well as “reduce dependence on external sources in the future.”

Roa does not rule out that Colombia will have to continue importing natural gas in the next five years, despite the new reserves. In fact, he stressed that a deficit of 161 GBTUD is expected for 2025, which will result in an increase in the cost of gas for consumers. Challenges of maturing new reserves will take time

Roa pointed out that the maturation of the reserves discovered in Colombian Caribbean waters “includes obtaining environmental licenses and building the necessary infrastructure, a process that can take up to seven years.”

So it will take some time until these discoveries are usable. “Once the environmental license is obtained, another three years will be needed for this molecule to enter the system for consumption by end users.”

Before this scenario, Colombia is evaluating alternatives to ensure supply. The state-owned Ecopetrol is “considering gas imports from Venezuela, in addition to options to bring in liquefied natural gas. However, all these measures will depend on technical conditions and commercial agreements, which adds a layer of uncertainty to the situation.”

M.Pino

Source: portafolio

(Reference image source: Doris Morgan in Unsplash)

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The Colombian oil company Ecopetrol established the roadmap for the local supply of natural gas in the 2024-2034 decade, which includes the import, discovery and exploration sectors, as well as the flexibility of the import of the item from Venezuela with a license from the United States.

Ecopetrol made the announcement during the Congress of the National Association of Public Services and Communications Companies of Colombia (Andesco), and added that it is estimated that “in 2025 there will be a shortage of 83 Gbtud (gigabritish thermal unit daily) of gas. Of these, 61 could be covered with national gas options.”

As an immediate measure to deal with it, the state company will import about 100 Gbtud of gas through the regasification system and possibly through the Antonio Ricaurte gas pipeline from Venezuela.

According to Ricardo Roa, president of Ecopetrol, “the company is able to guarantee supply in the short, medium and long terms, although it will require greater flexibility in regulations for marketing gas and flexibility in environmental and social permits and licenses.”

The hydrocarbon transportation and logistics company Cenit, together with the Venezuelan PDVSA, made the trip to identify that “the control stations were broken, for this reason, it would begin operating between 10 and 12 months.”

To this process initiated by Ecopetrol, a special license from the United States Office of Foreign Assets Control (OFAC) would be added in order to expedite the import of Venezuelan gas as well as the elimination of restrictions on transportation infrastructure.

It is timely to highlight that the Colombian oil company is currently studying options to receive, store and regasify Liquefied Natural Gas (LNG).

“Starting in 2029, gas from offshore material discoveries is expected to begin entering. These include areas such as Uchuva, Gorgon and Glaucus in Caribbean waters.

Given this, the potential reserves discovered are between 4 and 12 cubic terapies (CTP), which could multiply the country’s current reserves up to 3 times.

The Mining and Energy Planning Unit (UPME) presented its study for gas supply up to 15 years. Three supply and demand scenarios have been evaluated; In addition, the construction of new gas pipelines, projects between Barranquilla and Barrancabermeja, among other aspects.

M.Pino

Source: americaeconomia

(Reference image source: Rose Galloway Green in Unsplash)

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The Colombian oil company Ecopetrol recorded a net attributable profit of 17 billion Colombian pesos (3,882 million euros) during the first six months of the year, which means multiplying by more than two the result obtained during the same period of the previous year and allows it to exceed the benefits of the 2021 financial year, according to the company’s quarterly results report.

The company has justified these results in an environment of favorable prices and a “great effectiveness” of the commercial strategy in capturing the differentials of the products. Likewise, there has been an upturn in sales volume, “historic” refining margins and management that has mitigated inflationary pressures.

In terms of billing, the revenues of the state-owned company amounted to 76.3 billion pesos (17,393 million euros) during the reference period, twice as much as in the first half of 2021. On the other hand, the costs associated with sales they grew by 86.9 %, to 41 billion pesos (9,340 million euros).

The company’s president, Felipe Bayón, has particularly highlighted the performance of the refining segment, which consolidated “historic operating and financial results in the quarter”, as a result of high operational availability, active inventory optimization and “successful” commercial strategy for products and petrochemicals, among other factors.

On the other hand, the gross operating result (Ebitda) grew by 116.3 %, reaching 38.1 billion pesos (8,676 million euros), with a margin of 49.9 %, which implies an increase of 1.8 points compared to the first half of 2021.

Regarding the results recorded between April and June, the company recorded a profit of 10.47 billion pesos (2,385 million euros), almost triple that of a year earlier; while turnover increased 125.7 %, to 43.8 billion pesos (9,991 million euros).

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Source: dpa

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