Keep digging.(Panorama)(ChevronTexaco Petroleum Company contract with Empresa Colombiana de Petroleos S.A.)(Brief Article)

Empresa Colombiana de Petroleos (Ecopetrol) is selecting the best deposits in Colombia to maximize its natural gas production. To that end, the state-owned oil company extended its Guajira contract in the northeastern region of the country with ChevronTexaco Petroleum Company, a Colombian subsidiary of the U.S. oil and gas company, in order to continue natural gas production activities beyond 2004. The two companies previously offered an extension of the Catalina offshore gas development, but Colombla's Mining and Energy Ministry rejected the project, saying it would not boost production. Together, Ecopetrol and ChevronTexaco produce nearly 500 million cubic feet of gas per day--more than 80% of the natural gas consumed in Colombia.

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