British oil major Shell recently confirmed that it will now remove itself from co-owned gas projects based in the Caribbean, off the coast of Colombia.
Shell currently shares ownership of the three offshore projects called Fuerte Sur, Purple Angel, and Col 5, with Ecopetrol an oil company owned by the Colombian state.
Back in 2020, the London-headquartered oils and gas company took a 50% overall operating stake in the three deep water blocs, but the projects fail to align with its latest plans.
A spokesperson for Shell commented:
“They no longer fit our strategic ambitions. Shell will continue to work to provide flexible energy products and solutions for Colombia such as the supply of LNG, as well as the high quality of lubricant products and fuels.”
Shell is renowned for its extensive lubricant range that includes cutting-edge solutions for a wide range of industries and applications, and includes specific products like metalworking fluids such as cutting oil and food safe grease for use in food manufacturing.
In a follow up statement, Ecopetrol commented that the two firms are now working together with the goal of guaranteeing continuity for the projects. It stated that its priorities have shifted to Kronos1, and Glaucus 1, Purple Angel 1 and the Gorgon 1 and Gorgon 2 discoveries, that were all Shell-operated.
The state-run oil company added that these projects were economically viable, making them priorities for Columbia and Ecopetrol. It is now evaluating appropriate actions to implement that support continuity and to develop resources that can ensure supply during the medium term.
