PBR - Petrobras reverses sale plans will keep stake in Colombian deepwater block

2023-05-01 19:37:57 ET

Petrobras ( NYSE: PBR ) has abandoned plans to sell its 44% stake in a promising offshore gas project it shares with Ecopetrol ( EC ) in Colombia, a company executive said Monday at a Houston energy conference.

Petrobras ( PBR ) operates the Tayrona block, which is expected to deliver Colombia's first gas production from deepwater fields in 2026 by connecting to nearby infrastructure.

The company's chief production development officer, Carlos Travassos, said as much as 4T cf of natural gas reserves could be confirmed in Tayrona, making it a very promising project, and adding a new drilling campaign is planned for 2024 to make progress towards achieving the goal.

Colombia wants to speed up discovery and development of its offshore gas reserves to avoid the need for imports, and the Petrobras ( PBR ) executive offered the possibility of speeding up the next drilling campaign, depending on the analysis of the previous campaign, saying "We are having a very good experience."

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