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Thursday, September 3, 2026

Colombia Energy

Ecopetrol Says a Community Is Holding Up Sirius Gas

By · September 3, 2026 · 6 min read

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Colombia · ENERGY

Key Facts

  • What happened Ecopetrol accused a community of extortion in talks over the Sirius gas project.
  • Who said it Elsa Jaimes, Ecopetrol’s general manager for offshore and exploration, made the allegation on September 2.
  • The catch The community publicly rejected the accusation the next day; no payment amount has been disclosed by either side.
  • Why it matters The dispute could delay first gas from Sirius, Colombia’s largest offshore gas find.
  • What comes next Ecopetrol aims to finish community consultations by end-2026 and sanction the project in 2027.

Colombia’s state oil company says a coastal community is holding up its biggest offshore gas project with demands it calls extortion; the community rejects that.

extortion claim - offshore gas platform in Caribbean Sea
A semi-submersible drilling rig at a shipyard. Ecopetrol says one community’s demands threaten the Sirius gas project. (Photo: The Rio Times archive.)
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Colombia’s state oil company Ecopetrol says a community’s financial demands amount to extortion and threaten the Sirius gas project. The extortion claim came from Elsa Jaimes, Ecopetrol’s general manager for offshore and exploration, on September 2.

Ecopetrol’s Extortion Claim

Ecopetrol, Colombia’s state-controlled oil company, has accused a coastal community near Santa Marta of extortion during talks over the Sirius gas project. The accusation came from Elsa Jaimes, Ecopetrol’s general manager for offshore and exploration, on September 2.

Jaimes said the community was asking for a lot of money. She described the situation as being ‘at the level of extortion,’ according to El Tiempo, a leading Colombian newspaper.

What Is the Sirius Field

Sirius is described by Colombian media as the country’s largest offshore gas discovery, located in the Caribbean Sea. It is being developed by Ecopetrol with partner Petrobras.

Colombia is relying on Sirius and other Caribbean fields to offset falling gas output from existing sources. Without new supply, the country risks a gas shortfall in the coming years.

Colombia currently gets most of its gas from Piedemonte Llanero and the Chuchupa-Ballena fields in La Guajira. Getting Sirius gas to those inland markets will also need new pipeline infrastructure.

Live Company IntelligenceEcopetrol SA ADR — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
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Ecopetrol
NYSE: ECECOPETROLEnergyOil & Gas Integrated
$36.00B
Market cap
Analyst target $13.91

Wall Street view

2.5Hold/ 5
1 Buy6 Hold4 Sell
Avg. price target $13.91  ·  +2% vs 200-day

Valuation & profitability

Market cap$36.00B
Revenue (TTM)$125.67T
P / E ratio11.5
Profit margin10.2%
Return on equity16.0%

Price & risk

52-wk low
$8.16
52-wk high
$18.19
Beta (volatility)-0.05
200-day average$13.59

Revenue trend · 6y

20202025
Latest $111.48T

Ownership

Institutions1.4%
Shares outstanding2.06B
Top holderBlackRock Inc
Institutional holders5+ funds

Dividend

Yield3.7%
Payout ratio60.1%
Fwd. annual$0.65
What Ecopetrol does. Ecopetrol S.A. operates as an integrated energy company. It operates through four segments: Exploration and Production; Transport and Logistics; Refining and Petrochemicals; and Energy transmission and Toll Roads Concessions. The Exploration and Production segment engages in the exploration and production of oil and gas. The Transport and Logistics segment is involved in…
Data: RT fundamentals (EC.US) · figures in USD · as of 3 Sep 2026More company intelligence →

The Prior Consultation Process

Colombian law requires a prior consultation process with communities affected by major projects. This process, known as consulta previa, aims to protect the rights of ethnic and local groups.

Ecopetrol must reach agreements with all certified communities before it can seek an environmental licence for the gas pipeline. The company says it has started dialogue with 97% of these communities.

The pipeline that would carry Sirius gas ashore runs about 117 kilometres. Colombia’s national prior-consultation authority certifies which communities along that route must be consulted.

The Disputed Demand

A Petrobras Colombia executive said the community was seeking a payment 20 times larger than what 116 other communities had requested. Alcindo Moritz, president of Petrobras Colombia, said the companies could not remain ‘hostage’ to such a demand.

Neither Ecopetrol nor Petrobras disclosed the exact amount requested. El Tiempo reported that Jaimes did not reveal the sum.

Project Timeline at Risk

Ecopetrol and Petrobras plan to complete prior consultations by the end of 2026. They aim to request the gas pipeline’s environmental licence in the first quarter of 2027.

The partners expect to sanction project execution by the end of 2027. Delays in the consultation process could push back these dates.

First Gas Expected Around 2030

Ecopetrol’s public statements point to first gas from Sirius around 2030. The company has acknowledged this could slip to 2031.

No gas is currently flowing from Sirius; the field is still in the licensing and development stage. The extortion dispute adds uncertainty to that already tight schedule.

The Community Rejects the Accusation

The community answered back the day after Ecopetrol’s allegation. A leader of the community’s indigenous council, David Cantillo, called the extortion framing unfair on 3 September 2026.

Cantillo said the community was only defending its territorial and cultural rights under Colombia’s prior consultation law. He said the community’s presence in the project area had already been documented by Colombia’s own prior-consultation authority.

Cantillo also pointed to research on how earlier gas projects affected Indigenous communities in La Guajira. He said that history was why his community wanted stronger guarantees before agreeing to Sirius.

Progress With Other Communities

Ecopetrol says it has made progress with most other communities in the consultation process. It reports that 38 communities, or 32% of the total, have already signed agreements.

This suggests the dispute over one community’s demand is a bottleneck, not a system-wide failure. The company is pushing to resolve it quickly.

Legal and Regulatory Hurdles

The dispute sits inside the environmental licensing process for the gas pipeline. Ecopetrol says that without a signed agreement it cannot advance its application before Colombia’s National Environmental Licensing Authority, known as ANLA.

ANLA is the Colombian agency that approves environmental licences for major projects. Its approval is essential for the Sirius pipeline to move forward.

Ecopetrol’s Position

Ecopetrol and Petrobras executives argue the project cannot be held back by what they call a disproportionate demand. They say they remain committed to dialogue but will not accept what they describe as extortion.

That description is an allegation from the companies, not a proven fact. No court or regulator has ruled on the matter.

What’s at Stake for Colombia

Sirius is seen as important for Colombia’s energy security. The country’s existing gas fields are ageing, and imported gas is costly.

A delay in the project could push Colombia to rely more on imports. That could raise gas costs for households and industry.

Next Steps

Ecopetrol and Petrobras must resolve the dispute to keep prior consultation on schedule. They have set themselves until the end of 2026 to complete it.

If they fail, the timeline for first gas could slip further. The extortion claim and the community’s rejection of it have both put the negotiation under public scrutiny.

A One-Sided Dispute So Far

Colombia’s national government has not issued a public statement on Ecopetrol’s extortion allegation. ANLA has also stayed silent on the specific dispute so far.

That leaves the disagreement between the company and the community as the main public account so far. Both sides now have their competing claims on the record, but neither has offered documentary proof.

Frequently Asked Questions

What is the Sirius gas project?

Sirius is described as Colombia’s largest offshore gas discovery, in the Caribbean Sea. It is being developed by Ecopetrol with partner Petrobras.

What is prior consultation in Colombia?

Prior consultation is a legal process to seek agreement with communities affected by major projects. It is called consulta previa in Spanish.

Why did Ecopetrol accuse a community of extortion?

A Petrobras Colombia executive said the community was demanding a payment 20 times larger than 116 other communities. Ecopetrol’s Elsa Jaimes called the situation ‘at the level of extortion.’

Did the community respond to the accusation?

Yes. A leader of its indigenous council rejected the claim on 3 September 2026 and said the community was defending its consultation rights.

When will Sirius produce first gas?

Ecopetrol expects first gas around 2030, but says it could slip to 2031. The timeline depends on resolving community consultations.

Connected Coverage

Sources: El Tiempo (Colombia); Infobae Colombia; Seguimiento.co.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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