Although the Colombian oil industry is still mired in a
lengthy state of crisis, Colombian natural gas company Canacol Energy Ltd. is
busy negotiating new supply deals, as it expects to grow its natural gas
production by more than 200% by the end of the year. Canacol predicts
that it will grow gas production from 25 million cubic feet per day right now
to 90 million cubic feet per day by the end of the year.
Canacol CEO Charle Gamba told Bloomberg in a telephone interview
that “We are currently working on a number of smaller contracts that we hope to
bring on stream early next year. We are hoping that we can produce right to our
productive capacity, which will be 120 million cubic feet.” Nonetheless, Gamba
explained that Colombian demand for natural gas is finally starting to outpace
its supply, as the large but aging fields operated by Chevron are in decline.
In other oil-related news, Colombia business journal La
República reported on recent reports that China plans to begin reforming
its oil policy to bring the value of Chinese oil futures more into line with
the Brent crude oil prices. Given the ongoing oil crisis in Colombia, the
country’s business press has been carefully staying abreast of any global oil
developments that might have an impact on oil prices.
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