Shell to exit offshore gas projects in Colombia's Caribbean

BOGOTA (Reuters) -Oil giant Shell will pull out of three offshore gas projects in Colombia's Caribbean, it owns together with Colombia's state-run oil company Ecopetrol, the groups said on Thursday.

Shell had acquired a 50% operating stake in Col 5, Purple Angel and Fuerte Sur deepwater blocs in 2020.

"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," a Shell spokesperson said. 

The two companies are working together to guarantee the continuity of the projects, Ecopetrol said in a statement.

Ecopetrol's priorities are the Kronos1, Purple Angel 1, Gorgon 1 and 2, and Glaucus 1 discoveries, which were being operated by Shell, it said.

"These projects, which are technically and economically viable, are priorities for Ecopetrol and the country, and we are evaluating what actions should be implemented to maintain their continuity over time and develop the resources to ensure supply in the medium term," the statement said.

The Gorgon deepwater well, where reserves were confirmed in 2022, is expected to begin production between 2031 and 2032, it added.

(Reporting by Julia Symmes Cobb in Bogota and Shadia Nasralla in London)