IAHL Corporation (IAHL)

[energybuyer]

Colombia wants to speed up discovery and development of its offshore gas reserves to avoid the need for imports and boost industries from power to petrochemicals. Neighboring Venezuela has offered to export gas, but top executives at Ecopetrol and other producers have said that the country must prioritize developing its own resources.

As much as 4 trillion cubic feet (TCF) of natural gas reserves could be confirmed in Tayrona, Travassos said, which makes it a very promising project along with the Gorgon ultra deepwater gas field by Ecopetrol and Shell (SHEL.L) and another deepwater venture by Occidental Petroleum (OXY.N) and Ecopetrol to begin drilling in 2025.