Petrobras, through Petrobras International Braspetro B.V., a Colombian branch (PIB-COL), and Ecopetrol confirm Colombia's most significant gas discovery ever by drilling the Sirius-2 well.

The Sirius-2 well started being drilled on June 19, 2024. It lies inside the area of the maritime block GUA-OFF-0, 77 kilometers off Santa Marta (capital of the Magdalena department, in the country's north), at a water depth of 830 meters.

The assessment of the Sirius-2 well results confirmed local volumes of over 6 trillion cubic feet (Tcf) in place (VGIP). This discovery may increase Colombia's current reserves by 200%.

Because of this result, the consortium formed by PIB-COL, as the operator (44.44% stake), and Ecopetrol (55.56% stake) will start gathering oceanic metadata as a part of the discovery's Production Development Project. Those data, combined with environmental information about the bottom of the sea, bathymetry, and geotechnical/geophysical information, are essential to the installation of the gas pipeline that will carry natural gas from the field to the onshore gas treatment unit, including the installation of subsea production systems.

The consortium is expected to invest USD 1.2 billion in the exploratory phase and another USD 2.9 billion in the production development phase. The investments apportioned to PIB-COL are included in Petrobras's 2025-2029 Business Plan. Natural gas production is projected to start within three years of securing all environmental licenses, aiming for a 2027 launch if the discovery proves commercially viable. Through four producing wells in an innovative design "subsea to shore," the expected production is roughly 13 million m³/day for 10 years.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

Based on this discovery, with a substantial volumetric potential for natural gas, the social/environmental and licensing procedures required to carry the gas to consumer centers will begin.

Petrobras reaffirms its commitment to conducting operations in Colombia, working safely, respecting life, people, and the environment, and acknowledging the importance of talks with the local communities and compliance with the country's legal requirements.

About Ecopetrol

Ecopetrol S.A. is a company organized under the form of a public limited company, of the national order, linked to the Ministry of Mines and Energy. It is a mixed economy company, of an integrated commercial nature in the oil and gas sector, which participates in all links of the hydrocarbon chain: exploration, production, transportation, refining and commercialization.

It has operations located in the center, south, east and north of Colombia, as well as abroad. It has two refineries in Barrancabermeja and Cartagena. Through its subsidiary Cenit, specialized in hydrocarbon transport and logistics, it owns three ports for the export and import of fuels and crude oil in Coveñas (Sucre) and Cartagena (Bolívar) with exit to the Atlantic, and Tumaco (Nariño) in the Peaceful. Cenit also owns most of the country's oil and pipeline pipelines that connect production systems with large consumption centers and maritime terminals. Ecopetrol also has a stake in the biofuel business and a presence in Brazil, Mexico and the United States (Gulf of Mexico and Permian Texas).