Brazilian government-backed oil company Petrobras has abandoned plans to sell its stake in the Tayrona block off the coast of Colombia, reported Reuters.

Petrobras owns a 44% stake in the gas project, which it shares with Colombian petroleum company Ecopetrol.

Two years earlier, the Brazilian company put its interest up for sale because of subpar exploration outcomes at the Orca-1 well within the Tayrona block.

However, last year, Petrobras and Ecopetrol announced that they had discovered the Uchuva-1 deepwater well.

The Uchuva-1 well is also in the Tayrona block, located 32km off the coast of Colombia.

According to Ecopetrol’s estimates, the Tayrona block, which is operated by Petrobras, will produce Colombia’s first deepwater gas in 2026.

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By GlobalData

Petrobras’ chief production development officer, Carlos Travassos, responded: “Not anymore”, when asked if the company had any plans to sell its Tayrona stake.

“We have seen the relevance of this,” Travassos said on the sidelines of the Offshore Technology Conference.

Colombia seeks to accelerate the discovery and development of its offshore gas reserves to decrease its reliance on imports and to support a range of businesses, from petrochemicals to power.

According to the executive, Tayrona could have natural gas reserves of up to four trillion cubic feet, making it a very important project.

Tayrona’s stakeholders intend to launch a fresh drilling campaign in 2024. Petrobras is studying the data it collected during the most recent drilling campaign.

“Depending on that analysis, maybe we can speed up (the next drilling campaign). We are having a very good experience,” Travassos added.