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Colombian state-controlled oil company Ecopetrol has initiated a joint plan to ensure the continuity of its gas projects in the southern Caribbean, following Shell's decision to withdraw from its offshore assets in the region.
Shell's exit aligns with its global portfolio strategy and management, according to Ecopetrol.
The offshore assets include the gas discoveries Kronos-1, Purple Angel 1, Gorgon 1 and 2, and Glaucus 1, located within the Col 5, Purple Angel and Fuerte Sur blocks.
Ecopetrol is now evaluating actions to sustain these projects over time.
The company said in a statement: “These technically and economically viable projects are a priority for Ecopetrol and the country. Therefore, actions are being evaluated to maintain their continuity over time and develop resources to ensure the medium-term gas supply.”
The company is focusing on the maturation of the Gorgon development project and managing its socio-environmental viability, aiming to complete these processes by the first half of 2029.
Production at the Gorgon project is expected to commence between 2031 and 2032.
Ecopetrol is also exploring options to connect with the National Transportation System to commercialise gas from the Gorgon project and meet national demand.
Ecopetrol said: “Ecopetrol maintains its commitment to the development and maturation of gas resources in the Caribbean Sea, understanding this fuel as one of the pillars of the energy transition.”
Despite Shell's departure, Ecopetrol and Shell maintain a partnership, working alongside TotalEnergies on the Gato Do Mato field in Brazil, with investment planned for 2025.
Recently, Ecopetrol announced plans for a debt raise of up to $2bn (4.26trn pesos) for strategic investments this year.
The company is exploring various options including bank loans and capital market instruments to facilitate inorganic investments such as the acquisition of new assets or projects.
"Shell withdraws from southern Caribbean gas projects, Ecopetrol explores continuity options" was originally created and published by Offshore Technology, a GlobalData owned brand.
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