Colombia needs to shorten the manufacturing timeline at its greatest deepwater discovery, the nation’s power chief mentioned, because it braces for a shortfall of pure gasoline in coming years.
State-run Ecopetrol SA and Petroleo Brasileiro SA introduced this month the Sirius-2 nicely off the Caribbean coast may triple the nation’s reserves if the deposit proves commercially viable. Whereas drillers see first manufacturing in 2029 on the earliest, Mines and Power Minister Andrés Camacho says he’s working to carry that date ahead.
“We’re attempting to advance the doorway of Sirius,” Camacho mentioned in a telephone interview Wednesday from Barranquilla. “No matter month, six months, or yr we achieve goes to be vital.”
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Camacho’s ministry is working along with the atmosphere ministry and different authorities businesses to verify the social and environmental permits for the venture are awarded in “optimized” instances, he added.
The Andean nation’s greatest firms are girding for top power prices as dwindling manufacturing forces President Gustavo Petro’s authorities to show to imports that might value two or 3 times extra. Up till this month, cargoes of liquefied pure gasoline had solely been introduced from overseas to fulfill occasional wants from energy crops.
Demand for gasoline will outstrip home manufacturing by 5% subsequent yr and 17% in 2026, based on Colombia’s commodities trade. And whereas the hole is seen widening additional till deepwater wells begin producing, Camacho insists substantial imports gained’t be wanted within the subsequent couple of years.
Latest modifications in regulation and measures taken by Ecopetrol to cut back its personal utilization of the gas “assure” imports can be averted subsequent yr, the minister mentioned. And new offers signed between the state driller and Parex Assets Inc. for exploration in Colombia’s Piedemonte and Magdalena areas may also assist enhance output sufficient in 2026 to keep away from a shortfall, he added.
“What we search is to keep up environment friendly and truthful prices for the home market,” Camacho mentioned. “If we now have native pure gasoline that’s less expensive and is out there, we should use it.”
Whereas the federal government is trying to keep away from imports, it’s nonetheless engaged on making choices obtainable in case they’re required, the minister acknowledged.
Ecopetrol has referred to as for firms to current plans to construct new regasification services in an effort to improve the nation’s LNG import capability. Ecopetrol itself is trying to construct one at its Chuchupa platform off the coast of La Guajira province in northern Colombia.
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