Industry

The government presented a plan to promote gas production and export

The national government presented on Thursday the guidelines to increase gas production during the next four years. It has as its central pillar a 4-year competitive auction scheme for onshore development. For off-shore projects, an eight-year term will apply to amortize costs. It aims to secure fixed blocks of 70 million cubic meters per day (MMm3/d) for production companies for 365 days until 2024. It plans to authorize export volumes of up to 11 MMm3/d during the summer season. By promoting local production, the desired effect is to achieve a reduction in imports of Liquefied Natural Gas (LNG) and liquid fuels, to enable a reduction in the cost of the service.

Source: Ámbito

Categories: Industry, Public Policy