Colombia state-run oil company Ecopetrol said that it has found the country’s largest natural gas deposit in history just off the Caribbean coast.
Ecopetrol and US energy company Anadarko allegedly found the massive gas deposit in national waters off the coast of the Caribbean provinces Sucre and Cordoba.
According to newspaper El Tiempo, the gas column that was found could be as 520 meters long, making it the biggest gas deposit ever found in the country.
Getting the gas out of its underwater deposit and making it available for sale could take both companies another 10 years of development, the newspaper said.
The discovery of such a huge discovery is a major victory for Ecopetrol, whose oil reserves are expected to run out within five years.
Additionally, low commodity prices have lessened foreign investors’ appetite to investing the oil and mining industry.