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Colombia authorizes wider natural gas exports for Panama and Caribbean countries. Market was limited to Venezuela

Wednesday, October 19, 2011

Colombia approved the export of natural gas to Panama and other countries in the Caribbean, expanding an export market that had been limited to Venezuela in order to ensure domestic supply.

The change was likely to benefit state-run oil company Ecopetrol , US oil major Chevron, Canada's Pacific Rubiales and Colombia's Equion Energia.

The new law was aimed at encouraging companies to increase exploration for reserves and invest in liquefaction and pipeline infrastructure.

Original source: Reuters