Toronto-based NG Power Worldwide Corp. has signed further long-term agreements for pure fuel gross sales from the Maria Conchita Block.
The agreements increase on the corporate’s earlier 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. NG Power has additionally secured further commitments with GEAM Grupo Energético de las Americas S.A.S E.S.P and Empresas Públicas de Medellin E.S.P., it mentioned in a current information launch.
With the newest agreements in place, the corporate has now offered roughly 14.8 million cubic toes per day (MMcfpd) of manufacturing below long-term pure fuel gross sales contracts for a interval of three to 5 years, with the stability of manufacturing from the Maria Conchita Block being offered into the spot market on an interruptible foundation, NG Power mentioned.
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In response to the corporate, the worth for the area is up 36.5 % from the identical time final 12 months, as a result of general financial progress of the area, the demand for pure fuel outpacing the provision throughout this time of El Niño, and the distinctive traits of pure fuel as a vital vitality supply for Colombia.
NG Power CEO Brian Paes-Braga mentioned, “We’re experiencing continued unprecedented demand for our pure fuel all through the ramp-up of manufacturing at Maria Conchita and are proud to be a vital and dependable answer on this surroundings for our extremely valued prospects. Given the continued demand for pure fuel in Colombia as a vital transition gasoline, re-scoping of Maria Conchita, after 3 DSTs examined a mixed 65 MMcf/d throughout three zones final 12 months at Aruchara-3, continues to be a prime precedence, as we endeavour to deliver further and far wanted vitality to the Caribbean area of Colombia”.
In a separate information launch, NG Power mentioned it has allotted complete capital of $23 million to $27 million for 2024. The corporate can be focusing on progress of 150 % 12 months over 12 months for 2024.
“NGE’s 2024 Finances prioritizes our dedication to sustaining a wholesome stability sheet whereas reaching top-tier year-over-year manufacturing progress and continued progress of reserves,” Paes-Brage mentioned. “After laying important groundwork in each improvement and manufacturing in 2023, reaching over 200 % manufacturing progress and over 500 % in reserve progress, we stay up for one other 12 months of triple digit manufacturing progress in 2024 as we deliver on-line the much-anticipated Section 1 of our Firm’s flagship Sinu-9 Block”.
“Our early exploration success at Sinu-9 has demonstrated the sector’s potential to be some of the vital sources of onshore pure fuel provide in Colombia; on this regard, we’re very excited to renew upstream drilling actions at Sinu-9 with the drilling of the Hechicero-1X exploration nicely included in our 2024 Finances,” he continued.
“At Maria Conchita, the corporate is targeted on the mandatory actions associated to sustaining and rising our manufacturing, together with a workover program on the Aruchara-1 nicely and the evaluation of manufacturing amenities and advertising routes for a possible significant enlargement. We’re additionally very inspired by the invention of the brand new H3/H4 zones, which contributed 570 toes of internet fuel pay throughout the profitable drilling of the Aruchara-3 improvement nicely in 2023 and we stay up for the findings of a geophysics research and the evaluation of the fractured areas in these zones in 2024,” he concluded.
NG Power Worldwide Corp. is a pure fuel exploration and manufacturing firm with operations in Colombia.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
