Govt. to extend ChevTex's gas contract to 2019
Bnamericas Published: Thursday, December 11, 2003
Colombia's government will extend US company ChevronTexaco's (NYSE: CVX) production contract on offshore gas field Catalina until 2019, according to state news agency SNE. SNE quoted mines and energy minister Luis Ernesto Mejia, who was speaking to congress on Tuesday. The government plans to sign the contract extension on December 15. Extending the Catalina contract has been a controversial process, and the government comptroller said earlier this year that doing so would cost the country US$100mn in lost royalties. However, Mejia said that the government would receive revenues of at least US$499mn under the new contract. Catalina currently produces 500 million cubic feet of gas a day, which would have reverted to state control at the end of next year without the extension. According to the CEO of state-run oil firm Ecopetrol, Isaac Yanovich, the government did not have resources to operate the fields itself. SNE quoted Yanovich as saying required investment would reach US$175mn.
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