Chevron Nears Completion of 3rd Well Offshore Colombia

US oil major Chevron (NYSE: CVX) is nearing the completion of drilling on its third well in the Chucupa and Ballena fields offshore Colombia's Guajira department, local press reported.

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.

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