Petrobras confirms a gas discovery in Colombia

The Brazilian state oil company Petrobras announced that it has confirmed a natural gas discovery at the Uchuva-2 well off the coast of Colombia.

The natural gas discovery occurred during the fourth drilling phase of the Uchuva-2 well, according to Petrobras.

"This well provides relevant information for the development of a new exploration and production area in Colombia, reinforcing the gas volumetric potential in the region," the oil giant said in a securities filing.

The Uchuva-2 well is located in deep waters. Natural gas had already been discovered in the nearby Uchuva-1 well, drilled in 2022.

The promising area off the coast of Colombia could justify a major project to supply natural gas to the Andean country and for export, a Petrobras executive said earlier this year.

Petrobras operates the asset in partnership with Ecopetrol.

The companies will continue operations to complete drilling at the Uchuva-2 well, Petrobras said. They expect to conduct a formation test by the end of 2024.