Colombian court orders Ecopetrol and Petrobras to cease drilling at Uchuva-2 well [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Yahoo! Finance
Caracol Radio Brazilian state-owned oil and gas company Petrobras, holding a 44.4% stake, operates the Tayrona block, while Ecopetrol owns the remaining 55.6%. The Uchuva-1 exploratory well, positioned at a depth of 837m, is roughly 32km from shore and 76km from Santa Marta. Ecopetrol is expected to release a statement on the court's decision, while Petrobras is yet to respond to requests for comment, the publication said. This legal development comes at a critical time for Colombia, which is facing a potential natural gas deficit at the beginning of the next year. In an interview last month, Ecopetrol offshore chief Elsa Jaimes said that Caribbean waters may yield production as soon as 2029, contingent on local community approvals and environmental licensing. However, the recent ruling to cease Uchuva-2 drilling , which began in June, is not the only challenge for Ecopetrol. The country's environmental licensing authority suspended the approval process for another offs
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