Petrobras, Brazil’s and Latin America’s leading oil company, has discovered a significant natural gas reserve in the Caribbean Sea.
Their aim is to collaborate with other corporations, transforming Colombia into a gas exporter.
This plan includes potential partnerships with companies like Saudi Arabia’s Aramco, which is already affiliated with the Brazilian gasoline brand in Chile.
Jean Paul Prates, Petrobras’ President, announced, “We’re using our Chilean partnership to strategize our entry into Latin America’s product market.”
This strategy forms a key part of a broader initiative to revitalize operations in Bolivia and tap into significant natural gas reserves in the Colombian Caribbean.
It also aims to expand natural gas projects in Argentina and compete for marine exploration opportunities in Suriname.
With Luiz Inácio Lula da Silva’s return as Brazil’s president, Petrobras is refocusing on Latin America.
Prates disclosed Petrobras’s collaboration with Colombia’s Ecopetrol in identifying a Caribbean field with estimated reserves exceeding Colombia’s current proven reserves.
Prates also observed that firms like Ecopetrol, Shell, and Occidental Petroleum have found major gas reserves nearby.
They intend to establish a hub for jointly exporting these resources.
Petrobras’s Strategic Plan for 2024-2028 involves a $102 billion investment, dedicating $73 billion to oil and gas exploration and production.
Only $1.3 billion is earmarked for international operations, including Colombia.
Prates suggests forming a consortium with neighboring reserve holders to supply natural gas and liquefied natural gas.
Petrobras continues to manage key gas fields in Bolivia, fueling a pipeline to Brazil. They’re now exploring new opportunities in Bolivia.
Tayrona block
This initiative to develop the Tayrona block resumes three years after Petrobras’s divestment plan under President Jair Bolsonaro (2019-2022).
With Silva’s return, Petrobras revisited asset sales and decided to operate the Tayrona block, located off Colombia’s northern coast, planning production by 2026.
Petrobras is leveraging Colombia’s choice to develop offshore gas reserves to reduce fuel imports and enhance the energy and petrochemical sectors.
Prates addressed concerns about Colombian President Gustavo Petro’s accelerated energy transition policy, noting that new oil and gas exploration licenses have ceased.
Therefore, companies must focus on developing concessions that have already been granted.