(Bloomberg) -- Colombia’s Ecopetrol SA discovered an offshore natural gas deposit that could potentially produce up to 800 million cubic feet of gas a day, according to Chief Executive Officer Ricardo Roa.
The discovery in the Papayuela well in the nation’s Caribbean waters is in early stages and may take between five to seven years to become productive, Roa told reporters on the sidelines of an energy event in Cartagena. It could meet 80% of Colombia’s current demand, he added.
The well is located in the Tayrona block and Ecopetrol is the sole operator, Roa said, declining to provide additional information.
The announcement comes as Colombia braces for a natural gas shortfall that’s forecast to start as soon as next year. President Gustavo Petro, who has made fighting climate change a priority, has refused to grant licenses to explore for new sites to drill even as reserves wither.
On Thursday, Ecopetrol said it would convert Colombia’s Central Oil Pipeline to transport gas after an agreement with Promigas SA. The pipeline would provide a new alternative to ship the fuel from the nation’s Caribbean coast to the interior.
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