Chevron nears completion of 3rd well offshore Colombia

Chevron is reportedly nearing the completion of drilling on its third well in the Chucupa and Ballena fields offshore Colombia's Guajira department.

Offshore staff

(Colombia)- Chevron is reportedly nearing the completion of drilling on its third well in the Chucupa and Ballena fields offshore Colombia's Guajira department.

Chevron Colombia President David Bantz says that as a result, the company will be able to increase production on the fields to 600 MMcf/d from its current level of 420 MMcf/d.

Chevron has other plans in the works in Colombia. The company will reportedly invest some $110 million to increase gas production and $150 million to expand gas export operations.

Construction of a natural gas pipeline connecting Colombia and neighboring Venezuela is due to begin in July 2006, through which Colombia will provide gas for 5-7 years until the flow is reversed.

Venezuela requires 150 MMcf/d to meet the demand of power plants that currently use diesel.

06/30/2006

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