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Colombia To Continue Exporting Gas To Venezuela Until Mid-2014

BOGOTA -(Dow Jones)- Colombia, alongside U.S.-based Chevron Corp. (CVX), has agreed to continue exporting natural gas to energy-rich neighbor Venezuela for two-and-a-half years more, as part of a deal that began in 2008. Colombia's national oil company, Ecopetrol (ECOPETROL.BO), and Chevron jointly operate a field in Colombia's northern La Guajira region, near Venezuela, which has been sending gas to needy western Venezuela for four years. The agreement for Colombia to continue selling natural gas to Venezuela until mid-2014 also included contractual adjustments that will eventually oblige Venezuela to export gas to Colombia, Ecopetrol said in a statement sent late Thursday. Gas exports were 50 million cubic feet per day when the program began but have continued to increase. This year, Ecopetrol and Chevron sent around 185 million cubic feet of gas per day. The gas is sent through a 225-kilometer pipeline built and operated by Venezuela's state-owned energy firm, PDVSA, which connects the La Guajira field with Maracaibo city. The contract with Ecopetrol, Chevron and PDVSA initially called for exports to reverse in January 2012. Using the same pipeline, PDVSA would export gas to Colombia for 16 years in a sort of payback for the time Colombia exported to Venezuela during a time of need. But much of Venezuela's natural gas is located in the eastern part of the country, and PDVSA has fallen behind schedule in its plans to build pipelines that can deliver the gas in east-to-western Venezuela, and then on to Colombia. Part of the problem is also that Venezuela, which is among the world's top oil exporters, injects much of its natural gas reserves into its oil reservoirs, which increases pressure and keeps production flowing at steady rates. Colombian officials have said meeting domestic needs would be top priority if there is a local shortage, and that it would reduce or halt gas sales to Venezuela. -By Dan Molinski, Dow Jones Newswires; 57-310-867-6542; dan.molinski@dowjones.com

Stock News for Engelhard (EC)
DateTimeHeadline
08/26/201622:32:00Ecopetrol S.A. has been notified of Resolution 53015 of 2016...
08/26/201622:32:00Ecopetrol S.A. has been notified of Resolution 53015 of 2016...
08/26/201618:31:00Ecopetrol's Extraordinary Shareholders' Meeting
08/26/201618:31:00Ecopetrol's Extraordinary Shareholders' Meeting
08/18/201612:31:00Total Gabon : Nombre total d’actions et de droits de vote au 3...
08/17/201606:02:27Report of Foreign Issuer (6-k)
08/16/201607:00:00Ecopetrol Group Announces its Results for the Second Quarter...
08/16/201607:00:00Ecopetrol Group Announces its Results for the Second Quarter...
08/10/201612:36:00Ecopetrol S.A. Second Quarter and Half Year 2016 Earnings Release...
08/10/201612:36:00Ecopetrol S.A. Second Quarter and Half Year 2016 Earnings Release...
08/09/201606:05:33Automatic Shelf Registration Statement of Securities of Well-known...
08/05/201606:08:56Report of Foreign Issuer (6-k)
08/04/201618:01:00Ecopetrol Discloses Minority Shareholders' Agreement
08/04/201618:01:00Ecopetrol Discloses Minority Shareholders' Agreement
07/26/201622:15:00Fitch reaffirms international investment grade rating of Ecopetrol...
07/26/201622:15:00Fitch reaffirms international investment grade rating of Ecopetrol...
07/19/201608:30:00Oil and Gas Stocks Technical Commentary -- Royal Dutch Shell...
07/11/201621:26:00Ecopetrol Reports On Establishment Of New Companies That Will...
07/11/201621:26:00Ecopetrol Reports On Establishment Of New Companies That Will...
07/05/201612:29:00Total Gabon : Nombre total d’actions et de droits de vote au...

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