- Canacol Energy (CNE) is updating progress on the company’s Medellin Gas Pipeline Project in Colombia
- The company has received binding offers from four different international pipeline construction consortiums which are currently under evaluation
- Several of the proposals have an option to upsize the initial 100 million standard cubic feet of gas per day of transportation capacity
- The upsize option was made at Canacol’s request
- Canacol Energy is up 2.36 percent, trading at $2.82 at 2:38 p.m. ET
Canacol Energy (CNE) has provided an update on the progress of the company’s Medellin Gas Pipeline Project in Colombia.
The Calgary-based natural gas exploration company has received binding offers from four different international pipeline construction consortiums which are currently under evaluation.
Several of the proposals have an option to upsize the initial 100 million standard cubic feet of gas per day (MMscfpd) of transportation capacity to 200 MMscfpd at Canacol’s request.
The pipeline project was declared a Project of Strategic National Interest by the Government of Colombia in March. This means that the entities of the Colombian state that have any influence or jurisdiction over matters that impact the project must support its efficient management and timely completion.
The corporation is currently negotiating additional long-term take or pay contracts with clients located in the interior of Colombia to fill the remaining 46 MMscfpd of initial capacity.
Canacol is a natural gas exploration and production company with operations focused in Colombia.
Canacol Energy is up 2.36 percent, trading at $2.82 at 2:38 p.m. ET.