As a result the company will be able to increase production on the fields to 600 million cubic feet a day (Mf3/d) from its current 420Mf3/d level, newspaper La Republica quoted Chevron Colombia president David Bantz as saying.
Chevron also plans to invest some US$110mn to increase gas production in the country and US$150mn to expand gas export operations, the reports said.
Neighboring Venezuela requires 150Mf3/d to meet the demand of power plants that currently use diesel.
Construction of a natural gas pipeline connecting Colombia and Venezuela is due to begin early next month through which Colombia will provide gas for 5-7 years until the flow is reversed.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles
From the Career Center
Jobs that may interest you