Colombia gas profits
March 28 (LNG) - Canacol, the natural gas exploration and production company with a small-scale LNG production operation in the South American nation of Colombia, reported a rise in annual revenues to US$307 million, up from US$284M in 2021. Net income came to US$147.3M as the Toronto-listed company’s structure was also re-organized.
Canacol is a gas supplier as well as operating its small liquefaction plant which can convert 2.4 million standard cubic feet per day of gas into 29,000 gallons of LNG sold into the fuel market. Cancol said it hoped to improve sales as it makes progress with a gas pipeline project linking its processing plant at Jobo to the city of Medellín and adding 100 million cubic feet per day of gas sales in the interior in late 2024 and taking gas sales to over 300 million cubic feet per day.
