The Toronto-based company sees its gas output rising to 60 million cubic feet a day in the third quarter of 2024 as its Sinu-9 block comes online in the Lower Magdalena basin, according to Chief Financial Officer Jorge Fonseca. NG Energy currently produces 7 million cubic feet a day from its Maria Conchita field, in northern La Guajira province.
Once output fully ramps up, NG Energy will be supplying about 6% of the Andean nation’s demand for natural gas. Fonseca said the company hopes it can raise that level to as much as 20% within three to five years as pipeline infrastructure is developed to get gas to market. Companies are focusing their efforts on existing contracts as a result. State-owned Ecopetrol SA, the largest natural gas producer in the country, is looking to expand output off the Caribbean coast, its top executive said earlier this month.