Petrobras has confirmed that the offshore gas field Sirius (previously known as Uchuva-2) in Colombia holds reserves of 6 trillion cubic feet — the country’s largest discovery in the last 30 years.
The announcement comes more than two years after the gas discovery in the so-called Guajira Basin, where the field is located. In August of this year, Petrobras drilled a second well, confirming the drilling’s viability.
The company states that “the commercial viability of the reserve will require further studies”. However, internally, there is optimism.
“This project could ensure energy security for decades. Sirius has reserves only comparable to the Chuchupa field, which has been supplying gas to Colombia for 45 years,” said Rogério Soares, Petrobras’ general manager of exploratory assets, during the Oil, Gas, and Energy Summit in Cartagena.
In Soares’ calculations, the discovery of the Sirius field “has the potential to double” Colombia’s proven reserves — currently at 2.3 trillion cubic feet. This represents a gas reserve for the next 20 years.
“To give an idea, Brazil’s gas reserve is 12.3 trillion cubic feet; so, this discovery in Colombia is equivalent to half of Brazil’s reserves,” said Adriano Pires, founder of the Brazilian Infrastructure Center (CBIE).
The well is located in deep waters — at a depth of 804 meters — and 31 kilometers off the Colombian coast.
Petrobras acts as the operator of the field, but is a minority in a consortium formed with the Colombian state-run company Ecopetrol, with stakes of 44.44% and 55.56%, respectively.
According to Adriano, this discovery has the potential to bring more energy security to Brazil, which imports, on average, about 30% of the gas consumed here from countries like the United States and Qatar.
“I believe that, given Colombia’s consumption levels, the country may not absorb all the gas,” said Pires. “In theory, being closer, it should be more competitive.”
However, the gas from Sirius is only expected to start being produced in 2029 or 2030, due to a lack of infrastructure for transportation.
But Colombian President Gustavo Petro has a problem to solve now: Colombia is experiencing a season of high temperatures, which has increased energy consumption and raised the risk of blackouts. To make matters worse, El Niño has significantly reduced the country’s rainfall levels.
As a result, Colombia needed to increase its gas imports by 2,500% between 2022 and 2023.
Despite the potential, the exploration of the Sirius field is temporarily halted due to a decision by the Colombian justice system, which stated that the two companies did not consult a local indigenous community about the operation.
“This consultation must be carried out in accordance with international and constitutional standards, ensuring the effective participation of the Taganga Indigenous Council community in all stages of the process,” wrote a judge in Santa Marta.
Ecopetrol and the Colombian government have already appealed the decision.
Despite the news, analysts do not see a short-term impact on Petrobras’ shares.
In today’s trading session, with the help of the rise in oil prices, Petrobras’ shares increased by 1.1%, while the Ibovespa fell by 1.38%.
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
