The Colombian national company Ecopetrol and the Brazilian oil giant Petrobras announced Thursday the discovery of a considerable natural gas deposit in the Colombian Caribbean. This find, located off the coast of Santa Marta, promises to double the country’s gas reserves, marking a significant milestone for Colombia’s energy industry.
The gas field, initially discovered in 2022, has reserves estimated at 6,000 billion cubic feet of gas. Ecopetrol described this discovery as “the most important well since the 1990s” on its X account, highlighting the strategic importance of this deposit for Colombia.
Rogerio Soares, general director of Petrobras’ exploratory assets, said during an event in Cartagena that this gas field represents a major opportunity to strengthen Colombia’s energy security. Its size is comparable to that of the Cuchupa field in Riohacha, which has supplied gas to the country for 45 years.
This announcement comes shortly after the government of President Gustavo Petro unveiled a $40 billion financing plan dedicated to the energy transition. The aim is to reduce Colombia’s dependence on oil, gas and coal, by promoting renewable energy.
Economic and Political Impact
Elected in mid-2022, Gustavo Petro is the first left-wing president in the history of Colombia. Critical of extractivism, he wishes to reorient the activities of the public company Ecopetrol towards renewable energies. To this end, he suspended new oil exploration contracts, causing tensions with the conservative opposition and energy sector unions.
The hydrocarbons sector currently represents 2.8% of Colombia’s gross domestic product (GDP), according to data from the national statistical authority, Dane. Oil remains one of the main export products of Colombia, the fourth largest economy in Latin America.
Environmental Consequences and Energy Challenges
In recent months, Colombia has experienced an unusually hot season, exacerbated by a drought that has increased the risk of energy shortages and power outages. Experts warn that the country could face a gas deficit of 7.5% in 2025 and 16% in 2026, according to Naturgas, the national association of gas companies.
Furthermore, Colombia is in the midst of a water crisis, aggravated by the El Niño climatic phenomenon. In response, the country has significantly increased its gas imports, rising 2,500% between 2022 and 2023. Natural gas currently covers between 25 and 30% of national energy demand, according to industry figures.
Future Outlook
The discovery of this natural gas deposit comes at a crucial time when Colombia seeks to balance its energy transition ambitions with the reality of its growing energy needs. While this discovery helps strengthen the country’s energy reserves, it also raises questions about the future trajectory of Colombia’s energy policy and its commitment to renewable energy.
The decisions taken in the coming years will be decisive for Colombia’s energy future, both economically and environmentally. The management of this new deposit and the balance between exploitation of fossil resources and development of renewable energies will be at the heart of political and industrial debates.
