A promising space off Colombia’s coast the place Brazil state-run Petrobras is drilling this yr might justify a big venture to produce pure gasoline to the Andean nation and for exports, Petrobras’ head of exploration and manufacturing stated on Wednesday.
As oil manufacturing in Brazil’s prolific presalt area is about to plateau in coming years, Petrobras is increasing its horizons to new frontiers together with the Equatorial Margin, Colombia and Africa.
At Colombia’s Tayrona block, Petrobras and Colombia’s state-run Ecopetrol will drill two wells this yr following a gasoline discovery on the Uchuva-1 effectively in 2022. Future evaluation will decide the kind of venture wanted, stated Joelson Mendes, Petrobras’ chief exploration and manufacturing officer.
“There could be more gas than what Colombia needs,” Mendes informed Reuters in on the sidelines of the CERAWeek power convention in Houston. Colombia’s authorities has requested Petrobras to hurry up the venture, he added.
He expects the analysis of the wells to be prepared by the start of 2025 and the venture will then be submitted to Petrobras’ board for its consideration. If a constructive closing funding choice is made, first gasoline might come sooner than the 2029 purpose initially set, Mendes stated.
Petrobras will watch for the effectively appraisal outcomes to plan the venture’s measurement and gasoline commercialization, together with the potential of organising liquefied pure gasoline (LNG) amenities, the chief stated.
A gasoline deficit within the Andean nation is rising, resulting in extra purchases of LNG and probably imports from Venezuela if an idled gasoline line is repaired. That $40 million venture will want authorization from the U.S. Treasury Department, Ecopetrol CEO Ricardo Roa stated this week.
Mendes stated that regardless of exploration success outdoors Brazil, the corporate will proceed to deal with looking for new frontiers for oil and gasoline in its basin, together with the environmentally delicate Equatorial Margin.
“According to some scenarios, our production will peak in the next 10 years. We need new discoveries,” he stated. “Some people think presalt will last forever. It won’t.”
Petrobras additionally continues taking a look at alternatives for exploring in Guyana and Suriname, Mendes stated.
(Reuters – Reporting by Marianna Parraga; Editing by David Gregorio)
