09:20 AM EDT, 04/15/2024 (MT Newswires) -- NG Energy International ( GASXF ) on Monday said it signed new long-term agreements for natural gas sales from the Maria Conchita Block, expanding on its previous commitments with Vanti, Gases del Caribe and Gases del Occidente.

Additional commitments were taken with GEAM Grupo Energetico de las Americas and Empresas Publicas de Medellin, NG Energy ( GASXF ) said.

With these agreements, NG Energy ( GASXF ) has now sold 14.8 MMcf/d of production under long-term natural gas sales contracts for a period of 3-5 years, with the balance of production from the Maria Conchita Block being sold into the spot market on an interruptible basis. According to the statement, pricing in March in the Caribbean coast, specifically in the Ballena section, was US$8.87 per MMBtu. Price for the region is up 37% from the same time last year.

"Given the continued demand for natural gas in Colombia as a critical transition fuel, re-scoping of Maria Conchita...continues to be a top priority as we endeavor to bring additional and much needed energy to the Caribbean region of Colombia," said NG Energy ( GASXF ) CEO Brian Paes-Braga.