Pacific Rubiales Energy Corp., through its wholly owned subsidiary Pacific Stratus Energy Colombia Corp. (PSE), signed a natural gas liquefaction, regasification, storage and loading services agreement with Belgium-based Exmar NV.

The agreement calls for Exmar to build, operate and maintain a floating, liquefaction, regasification and storage unit (FLRSU) on the Colombian Caribbean coast. The agreement grants PSE exclusive guaranteed rights to supply and liquefy up to 69.5 million cu ft per day over a 15-year period.

The FLRSU will have a storage capacity of 14,000 cu m of liquefied natural gas (LNG) and will be able to accommodate alongside a 140,000 cu m LNG floating and storage unit.

Commercial operations of the FLSRU are estimated to start in fourth quarter 2014.