NG Energy Announces Additional Long Term NG Sales Contracts

Source: www.gulfoilandgas.com 4/15/2024, Location: South America

NG Energy International Corp. ("NGE" or the "Company") is pleased to announce that further to the Company's press release dated December 4, 2023, the Company has signed additional long-term agreements for natural gas sales from the Maria Conchita Block, expanding on its previous commitments with Vanti S.A E.S.P, Gases del Caribe S.A E.S.P and Gases del Occidente S.A E.S.P, and entering into additional commitments with GEAM Grupo Energético de las Americas S.A.S E.S.P and Empresas Públicas de Medellin E.S.P.

With these agreements in place, the Company has now sold approximately 14.8 MMcf/d of production under long-term natural gas sales contracts for a period of 3-5 years, with the balance of production from the Maria Conchita Block being sold into the spot market on an interruptible basis. Pricing in the Caribbean coast, specifically in the Ballena Section, for the month of March was US$8.87 per MMBtu1. Price for the region is up 36.5% from the same time last year2, due to the overall economic growth of the region, the demand for natural gas outpacing the supply during this time of El Niño, and the unique characteristics of natural gas as a critical energy source for Colombia.

Brian Paes-Braga, CEO of NGE, commented "We are experiencing continued unprecedented demand for our natural gas throughout the ramp-up of production at Maria Conchita and are proud to be a critical and reliable solution in this environment for our highly valued customers. Given the continued demand for natural gas in Colombia as a critical transition fuel, re-scoping of Maria Conchita, after 3 DSTs tested a combined 65 MMcf/d across three zones last year at Aruchara-3, continues to be a top priority, as we endeavour to bring additional and much needed energy to the Caribbean region of Colombia."


United Arab Emirates >>  11/6/2024 - ADNOC announced today at ADIPEC the signing of the first long-term sales and purchase Agreement (SPA) for the lower-carbon Ruwais liquefied natural ga...
Russia >>  11/5/2024 - According to current data, the amount of supplies totaled 32.6 billion cubic meters of gas. The previous maximum was achieved in 2023 (32.1 billion cu...

Czech Republic >>  10/31/2024 - After two years of demanding negotiations, CEZ trading experts have concluded a contract with the Algerian company SONATRACH for the supply of gas fro...
Malaysia >>  10/31/2024 - PETRONAS wishes to clarify that it is still in discussions with Petros on the proposed implementation of the Distribution of Gas Ordinance (DGO).
<...


United States >>  10/31/2024 - Coterra Energy and Vitol Inc. (Vitol) have announced the execution of a natural gas Sale and Purchase Agreement (SPA). Under the SPA, Coterra will sup...
China >>  10/30/2024 -  China Petroleum Network News (Reporter Huang Wei, Zhang Lili) As of the end of October, Jilin Sales has built and put into operation 7 LNG filling st...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.