By Brazil Stock Guide – Petrobras (PETR4; NYSE: PBR) confirmed a new natural gas discovery at the Sandia-1 exploration well in deep waters offshore Colombia, adding to a series of finds that could support the development of a major new gas-producing hub in the region.
The well is located in the GUA-OFF-0 block, about 42 kilometers from the Colombian coast, at a water depth of 1,251 meters. Sandia-1 lies 18 kilometers from the Sirius-1 discovery well and the Sirius-2 appraisal well, and nine kilometers from the Copoazu-1 discovery.
Petrobras said the new accumulation reinforces the gas potential of the Colombian offshore area and could eventually contribute to regional energy security. The company did not disclose an estimate of recoverable volumes or a timetable for a possible commercial development.
Drilling began on June 12 and reached its final depth on July 29. Petrobras said gas-bearing intervals were identified through well logs and will now undergo further evaluation and laboratory analysis.
The discovery expands the cluster of gas accumulations identified around Sirius, previously known as Uchuva. Petrobras and Ecopetrol have been evaluating whether the discoveries contain sufficient volumes to justify a coordinated development and the construction of infrastructure to bring the gas to shore.
Sandia-1 is therefore strategically relevant not only as an isolated discovery, but also because additional volumes could improve the economics of the broader offshore project. Development decisions, however, will depend on further appraisal work, reservoir characteristics and estimates of commercially recoverable gas.
Colombia has been seeking new domestic gas supplies as production from mature onshore fields declines and concerns grow over the country’s future dependence on imported liquefied natural gas.
Petrobras operates the GUA-OFF-0 consortium through its subsidiary Petrobras International Braspetro B.V. – Colombia Branch and holds a 44.44% interest. Colombia’s state-controlled Ecopetrol owns the remaining 55.56%.
The Brazilian company said the exploration campaign is aligned with its strategy of replenishing oil and gas reserves through investments in new frontiers and partnerships, while supplying energy during the global transition to lower-carbon sources.
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