Colombia’s state oil company Ecopetrol and Brazilian energy giant Petrobras announced Thursday the discovery of a “huge” offshore natural gas field off the coast of Colombia in the Caribbean Sea that could “double the reserves” of that country.

The deposit, off the coast of the city of Santa Marta, was in fact already identified in 2022. The new element concerns its size: it is now estimated to reach “6 trillion cubic meters”, so it is “the largest discovered since the years of 1990,” Ecopetrol explained via X.

This deposit “has the potential to double Colombia’s reserves,” assured Rogerio Soares, Petrobras executive in charge of prospecting, during a press conference in Cartagena (north).

This quantity is comparable to that of the Koutsoupa field, in Rioatsa (north), from where the country has been supplying gas for 45 years.

Colombia in recent months has been experiencing a period of extremely high temperatures and drought that increases the risk of energy shortages and power outages, experts warn.

According to Naturgas, the national association of companies in the gas sector, Colombia will record in 2025 a gas deficit equal to 7.5% of demand, while in 2026 the deficit will increase to 16%.

Amid water shortages partly attributed to the El Niño phenomenon, Colombia has increased gas imports by 2,500% between 2022 and 2023. According to sector data, natural gas covers between 25 and 30% of national energy demand .

The announcement was made the day after the government of social democrat President Gustavo Petros presented a plan to find financing of more than 40 billion dollars for the energy transition, the weaning of the country from oil, gas and coal.

Colombia’s first left-wing president – elected in 2022 – was initially criticized for continuing hydrocarbon mining; now he says he wants state-owned company Ecopetrol, the country’s largest employer (employs 33,000 people), to specialize in renewable energy. He also decided not to sign new contracts for oil extraction.

However, his decisions are criticized by the conservative opposition and trade union and business bodies, who are in favor of a “gradual transition” without jeopardizing “economic security”.

The hydrocarbon sector contributes 2.8% of Colombia’s GDP, according to official statistics agency (DANE) figures. Oil is one of the main export products of Latin America’s fourth largest economy.

Photo file