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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
04/15/201506:02:50Report of Foreign Issuer (6-k)
04/14/201519:19:00Ecopetrol Reports on the Authorization Received from the Ministry...
04/14/201519:19:00Ecopetrol Reports on the Authorization Received from the Ministry...
04/14/201509:48:00Council of Ministers Issues Favorable Opinion on Planned Sale...
04/14/201509:48:00Council of Ministers Issues Favorable Opinion on Planned Sale...
04/14/201509:46:24Report of Foreign Issuer (6-k)
04/08/201514:49:31Ecopetrol to tighten focus on offshore exploration, key fields
03/31/201519:22:00Oil companies show active interest in Mexican energy tracts
03/31/201513:58:00Total Gabon : Nombre total d’actions et de droits de vote au...
03/30/201507:38:45Report of Foreign Issuer (6-k)
03/28/201518:06:00Ecopetrol Notice on the Approval of Amended Rules and Procedures...
03/28/201518:06:00Ecopetrol Notice on the Approval of Amended Rules and Procedures...
03/27/201507:05:59Report of Foreign Issuer (6-k)
03/27/201507:04:34Report of Foreign Issuer (6-k)
03/27/201507:03:31Report of Foreign Issuer (6-k)
03/27/201507:01:50Report of Foreign Issuer (6-k)
03/26/201523:55:00General Shareholders' Meeting announces its decision on the composition...
03/26/201523:55:00General Shareholders' Meeting announces its decision on the composition...
03/26/201523:51:00Ecopetrol Announcement On The Amendment To Its Bylaws Approved...
03/26/201523:51:00Ecopetrol Announcement On The Amendment To Its Bylaws Approved...

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