Petroleum giant Petrobras announced a significant natural gas discovery in Colombia on Thursday, revealing deposits that could potentially double the country’s known reserves. This landmark find, deemed the largest since the 1990s, comes at a crucial time as Colombia grapples with energy supply challenges, primarily due to its reliance on hydroelectric power amid severe drought conditions affecting much of South America.
Transitioning Away from Fossil Fuels
Despite the promising discovery, Colombia’s government is committed to transitioning away from fossil fuel extraction in favor of a low-carbon economy. This move aligns with President Gustavo Petro’s vision of making Colombia a net-zero emitter of greenhouse gases by 2050.
Details of the Discovery
The newly identified reserves, estimated at six trillion cubic feet of natural gas, were discussed by Petrobras’ general manager for exploration, Rogerio Soares, during an oil and gas summit in Cartagena. Soares highlighted the potential impact of this find, comparing it to the established Cuchupa oil and gas field that has been a crucial energy supplier for the past 45 years.
Partnerships and Investments
Petrobras holds a 44.4 percent stake in a gas exploration consortium operating in the Colombian Caribbean, while the state company Ecopetrol owns the remaining 55.6 percent. The announcement of this discovery coincides with the Colombian government’s recent initiative to seek $40 billion in investments for its green energy transition plan.
Balancing Economic and Environmental Goals
President Petro’s decision to halt new concessions for oil, coal, and gas exploration has sparked controversy within Colombia. Critics, including opposition members and some trade unions, argue for a more gradual approach to the energy transition, warning that a sudden shift could jeopardize the economy, which currently relies on oil and gas for 52 percent of its exports.
Future Energy Needs
According to the industry association Naturgas, Colombia is facing a projected gas deficit, with a shortfall equivalent to 7.5 percent of demand anticipated by 2025 and 16 percent by 2026. In response to this challenge, Colombia has dramatically increased its gas imports by 2,500 percent from 2022 to 2023. Natural gas currently accounts for 25 to 30 percent of the nation’s energy consumption, highlighting the critical need for reliable energy sources in the country’s future.
ALSO READ: Category 3 Hurricane Kirk Generates Dangerous Waves Across Atlantic
