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Drummond finds big Colombia gas field:

Drummond Co. has discovered a sizable natural gas field in Colombia, South America, with enough of the hydrocarbon to supply 10 percent of the annual usage of an industrialized country such as the United States.

The field is near the Birmingham-based company's vast coal mining acreage in northeast Colombia, according to a report Monday by the Spanish news agency EFE.

The find contains 2.3 trillion cubic feet of natural gas, EFE reported, citing Drummond's top Colombian executive, Augusto Jimenez. Attempts to reach Drummond officials in Birmingham were unsuccessful.

Though large, the field doesn't rank near among the world's biggest, which contain hundreds of trillions of cubic feet of natural gas.

Drummond generates about $3 billion of revenue a year from coal mining, Tarrant's ABC Coke and real estate developments nationwide.

Russell Hubbard --

LINK:

http://www.al.com/business/birminghamnews/inc.ssf?/base/business/12233...

By Ctg Bound on Oct 7, 2008, 03:24 in Friendly Talkzone.

Ctg Bound says on Oct 7, 2008, 06:04:

I know there are a number of companies searching for Gas in the Colombian Caribean Sea area, hopefully this is just the first of many finds.

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pedro says on Oct 7, 2008, 08:20:

Sweet.

que nota!

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Tinto (Moderator) says on Oct 7, 2008, 08:29:

Drummond must be rolling in the dough given coal prices and nat gas prices, offset somewhat by their Florida real estate. Too bad they're not publicly listed.

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chingon says on Oct 7, 2008, 09:45:

why go public unless you need to.....

can anyone here comment on the energy business in Colombia? It seems like it is deregulating somewhat. Any one here work in any of the commodities industries here?

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billyb says on Oct 7, 2008, 09:48:

ditto on the 'sweet'.

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Ctg Bound says on Oct 7, 2008, 12:49:

chingon,

What do you mean by the energy business?

Exploration, mining companies that sort of thing?

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Simon says on Oct 7, 2008, 17:41:

Way to go Colombia!!

"DON'T FOK WITH COLOMBIA!!"-----Simon

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chingon says on Oct 7, 2008, 18:44:

CTG,

Exploration of bulk commodities coal, oil, cocoaalso wholesale and retail electricity via hydro power

other agriculture products how do colombian companies manage those commodites in global markets etc

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Cerealkiller says on Oct 7, 2008, 23:13:

excellent news for colombia. Shame that Drummond wasn't kicked out of the country though, and hopefully the government won't reward them with a juicy contract after they funded AUC...

Conservatives are not necessarily stupid, but most stupid people are conservatives -John Stuart Mill

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Ctg Bound says on Oct 8, 2008, 11:25:

chingon,

I don't think there has been any major deregulation in the retail market.

BUT the exploration and extraction market is wide open, there are many international companies in Colombia, I guess they bring any workers they can't higher localy with them, but if you had the required experience just do a google news search to see what companies are operating in Colombia, going back over the months, most get mentioned in that time frame.

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