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Bnamericas Published: Thursday, November 05, 2020
Canadian firm NGX Energy International Corp. has signed a deal with Venezuelan service provider CPVEN for the development four gas wells in Colombia’s Lower Magdalena valley basin.
The Vancouver-based company said the market pricing-based preferred supply agreement would be valid for all phases of development on the SN-9 block.
Under the agreement, CPVEN will invest US$27.2mn on mobilization, demobilization, engineering, drilling and completion activities.
“CPVEN has offered to finance the construction of the four wells, with defined monthly instalments for each based on the results of the first well,” read an NGX statement.
For its part, NGX will be required to make a 25% down payment on the cost of each well, with 10% made ahead of drilling and the remaining 15% paid thereafter.
NGX said it would maintain a monthly balance of US$1mn to pay for CPVEN’s services, with the funds also serving as a guarantee.
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Source: BNAmericas
