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In 2024, Colombia experienced a sharp decline in oil and gas exploration, raising serious concerns about the country’s long-term energy security.

Ecopetrol (NYSE: EC) has once again postponed the drilling of its ultra-deepwater Komodo well in the Caribbean Sea, citing ongoing restrictions from the National Environmental Licensing Agency (ANLA) that continue to make the project unviable.

Rodrigo Costa, General Manager of Petrobras Colombia, talked about the expectations about the Sirius-2 well.

The president of the National Hydrocarbons Agency (ANH), Orlando Velandia, talked about the process to award environmental licenses for Block GUA-OFF-0, formerly known as the Tayrona block.

Ecopetrol’s (NYSE: EC) President, Ricardo Roa Barragán, refuted claims that the Sirius (formerly Uchuva) wells, located in the Colombian Caribbean Sea and operated in partnership with Petrobras International Braspetro B.V. were unproductive.

During Colombia’s energy uncertainty, the ultra-deepwater Komodo-1 project emerged as a potential solution to expand the country’s oil and gas reserves. However, Ecopetrol (NYSE: EC) and Anadarko are increasingly pessimistic about the feasibility of exploration and production any time soon.

In 2024, Petrobras (NYSE: PBR) and Ecopetrol (NYSE: EC) confirmed the discovery of the Sirius natural gas deposit in Colombia’s Caribbean, marking the largest find in the last three decades and potentially doubling the country’s gas reserves.

The National Environmental Licensing Authority (ANLA) confirmed that the Komodo-1 gas project, a key initiative for Colombia’s future gas self-sufficiency, is facing delays due to appeals filed against its environmental license.

The Komodo-1 offshore exploration project, a joint initiative by Anadarko (OXY) and Ecopetrol (NYSE: EC), is facing significant hurdles following the issuance of its environmental license by Colombia’s Ministry of Environment and the National Environmental Licensing Authority (ANLA).

Bogotá hosted an event led by Colombia’s Ministry of Energy (MinEnergía) and the Colombian Geological Service to discuss seismic risk management in the mining and energy sectors.