News and AnalysIs for

Colombia’s energy future may be on the cusp of a significant boost, thanks to the largest gas discovery in the country’s history.

Colombia announced its largest natural gas discovery in three decades, a find that could double the nation’s reserves and sustain its gas supply for up to 40 years.

The recent court decision to suspend natural gas exploration at the Uchuva 2 well, operated by Ecopetrol (NYSE: EC) and Petrobras (NYSE: PBR) in Colombia’s Caribbean waters, will be implemented gradually, according to the judge’s clarification.

The recent suspension of activities at the Uchuva 2 gas well in the Tayrona Block raised significant concerns about Colombia’s energy security.

The Colombian Association of Oil and Gas (ACP) and the Colombian Association of Natural Gas (Naturgas) expressed their concern about the Santa Marta Court decision that orders the suspension of natural gas exploration activities in the Uchuva-2 well.

The Fourth Labor Court of Santa Marta issued a ruling mandating Ecopetrol, the Ministry of Mines and Energy (MinEnergia), Petrobras (NYSE: PBR), and the National Environmental Licensing Authority (ANLA) to halt all gas exploration and extraction activities at the Uchuva 2 well in the Tayrona block.

The oil industry is pushing the boundaries of offshore exploration with plans to drill a record-breaking well in Colombia’s deep waters within the next few months.

Global oil majors are making record investments in the search for new oil reserves in Latin America.

Ecopetrol (NYSE: EC) and Petrobras (NYSE: PBR) announced the initiation of drilling for the Uchuva-2 well in the Tayrona Block, located in the Caribbean waters of Colombia.

After the results of the exploratory gas well drilling in the Caribbean offshore, Orca Norte 1, Ecopetrol decided to cancel the pipeline project that was planned to connect this deposit with the existing pipeline in the Chuchupa field, generating concerns in the country.