OIL - NG ENERGY ANNOUNCES ADDITIONAL LONG TERM NATURAL GAS SALES CONTRACTS | Benzinga
TORONTO, April 15, 2024 /CNW/ - NG Energy International Corp. ("NGE" or the "Company") (TSXV: GASX) (OTCQX: GASXF) 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 ...