Well suspension “a threat to Colombia’s energy security”

BOGOTA, September 17, 2024 – Industry groups in Colombia have declared a local court’s decision to suspend works at a key offshore well “a threat to energy security,” Reuters reported on Monday.

The Colombian Petroleum Association (ACP) and Naturgas spoke out against the September 11 ruling halting works at the deepwater Uchuva-2 well. The court cited a failure to adequately consult a local indigenous group prior to the drilling operation.

The well is situated around 31 kilometres offshore in the Tayrona block.

“We cannot allow them to turn the country off with arbitrary decisions,” ACP president Frank Pearl said in a press conference, speaking alongside Naturgas president Luz Stella Murgas.

Murgas highlighted the massive reserves potential at the offshore well, which exceeds 2.5 times the country’s current gas reserves.

As of end-2023, Colombia held around 68 bcm (2.4 tcf) in natural gas reserves, which place its RP ratio at 6.1 years.

Concerns about the country’s future gas supply set the scene for celebrations in August when Petrobras confirmed a gas discovery at Uchuva-2.

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