Petrobras discovers deepwater natural gas offshore Colombia

Petrobras achieved the primary objective of the Uchuva-2 well, confirming the extent of the natural gas discovered in 2022 during drilling of the Uchuva-1 well. This well adds valuable information for developing new exploration and production frontiers in Colombia, enhancing the volumetric potential of natural gas in the region. The Uchuva-2 well was spudded on June 19 in deepwater offshore Colombia, located 31 kilometers from shore at a water depth of 804 meters. The well is currently underway in five phases; gas-bearing intervals were confirmed via wireline logging during the fourth phase, and these intervals will be further characterized through laboratory analysis. The consortium comprises Petrobras as operator (44.44% working interest) and Ecopetrol (55.56% working interest). It will continue operations to complete the project—including drilling the well to its planned total depth—and characterize the discovered reservoirs, with formation testing expected by the end of 2024.

Petrobras cuts 2025 capital expenditure by USD 4 billion

The company stated that the lower capital expenditure is more realistic and aligned with its financial position. In its latest strategic plan, Petrobras plans to invest USD 102 billion between 2024 and 2028—a 31% increase over its previous plan—following directives from Brazilian President Luiz Inácio Lula da Silva, who urged the company to boost investment to support the national economy and generate local jobs. Previously, global research and consulting group Wood Mackenzie projected that private oil companies in Brazil would increase their oil production from 1.221 million barrels per day to 2.123 million barrels per day by 2030—a 75% rise. WoodMac noted that international oil companies—including Shell, Equinor, TotalEnergies, Repsol Sinopec Brasil, and Petrogal—will become top producers in Brazil, thanks to their partnerships with Petrobras in pre-salt and other developing fields. Brazil’s oil and gas production has reached an all-time high: oil output rose 18.6% year-on-year to 3.51 million barrels per day, while natural gas production increased 13.6% year-on-year to 154.08 million cubic meters per day.

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