Frontera board chair Gabriel de Alba called the discovery another positive development for the company's "potentially transformational investments in Guyana."
Called “Ella Exporta Africa” (She Exports Africa), the program will provide consulting, technical assistance, and other complementary services to 30 companies.
"Fitch expects CNE's volumes sold, as percentage of total gas production, under long-term take-or-pay contracts to reduce from 99% in 2023 to 50% in 2026."
If the block proves to have the "significant potential" that the company expects, Frontera could upgrade its exploration license to the development phase.
While Colombia was not included in the IMF's mid-year reassessment, the organization in April projected the nation's economy to grow by 1.0% in 2023 and 1.9% in 2024.
"The Colombian air transport market is strong and stable. The data shows a resilient demand to attract airlines to supply the capacity left by Viva Air."