Project Context and Strategic Significance
On October 16, 2025, Ecopetrol (55.6 %) and Petrobras (44.4 %) announced that the Sirius gas project—located in Colombia’s Caribbean offshore waters—has completed nearly half of the required consultations with local communities and is now entering Phase 3, focused on contract preparations. The project follows last December’s confirmation of Colombia’s largest ever gas discovery (approximately 6 billion cubic feet) and is a vital step in the country’s plan to reduce dependence on imported gas.
Economic Impact and Market Implications
With an estimated investment of around US$5 billion, the Sirius project is expected to become operational between 2029 and 2030, and it promises to meaningfully enhance Colombia’s domestic gas production. The discovery comes amid a sharp decline in Colombia’s proven gas reserves and rising LNG imports, making this development pivotal for energy-security and cost-reduction objectives.
Outlook and Policy Considerations
While the project marks a major step forward, success hinges on completing environmental and social licences, finalising contracts, and efficiently managing community consultation processes. Analysts note that timely execution will strengthen Colombia’s energy position, but delays or opposition could weigh on investor confidence and slow down the country’s transition toward energy self-sufficiency