New natural gas reserves in the Colombian Caribbean increase its self-sufficiency
Colombian oil company Ecopetrol estimates that the country will be self-sufficient for between 12 and 15 years thanks to the new gas reserves in the Caribbean, although it does not rule out that imports will continue to increase prices for five years
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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