The state-owned oil company of Colombia announced on Thursday that Shell had pulled out from three joint offshore projects in the Caribbean.

Ecopetrol stated in a press release that the two companies were working together to ensure the continuity of the projects in the Col 5 Purple Angel and Fuerte South blocks. Shell's decision was based on "reasons related its strategy and the management of its portfolio globally."

Shell has not responded to all requests for comment.

Ecopetrol said that Shell's priority is the Gorgon 1 and 2 and Glaucus 1 discovery, which it operated.

The statement stated that "These projects are economically and technically viable and are Ecopetrol's priorities. We are evaluating the actions to be taken to maintain them over time, and to develop resources to ensure the supply on a medium-term basis."

It added that production is expected to start between 2031-2032 at the Gorgon deepwater oil well, where reserves had been confirmed in 2022. Reporting by Julia Symmes Cobb

(source: Reuters)