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Petrobras is advancing multiple natural gas exploration initiatives in Colombia’s Caribbean waters while navigating the complex approval process for its flagship Sirius project, according to Alcindo Moritz, president of Petrobras in Colombia.

Ballena on the Caribbean coast produces only a fraction of what it used to but still contributes an important amount to the country’s dwindling supplies. Ecopetrol also plans to convert it to a gas import facility.

Three controversies have engulfed Colombia’s state oil company Ecopetrol in recent weeks, involving alleged financial misconduct, irregular financial tracking, and violation of campaign financing laws when Ricardo Roa ran Gustavo Petro’s 2022 election bid.

The latest “COP” global conference ended without a declaration on fossil fuels. A number of countries, led by Colombia, pushed for an energy transition “roadmap” to abandon these, but resistance, mostly from producer countries, kept that from making the final version.

Fast growing gas producer NG Energy reported its 3Q25 financial results in a press release.

Colombia’s ongoing fiscal crisis is expected to worsen in 2026 due to a sharp drop in the profits of Ecopetrol, the nation’s most important company. The urgency for cash is so significant that the current administration has introduced a third tax reform bill to Congress.