09-05-00 Construction of a $ 2-3 bn LNG production project could begin next year in Venezuela's Paria Gulf. A feasibility study into the project is jointly being carried out by Mitsubishi, Shell, Exxon Mobil and PDVSA. If the plan proves viable, the plant is expected to produce 4 mm tpy of LNG by the year 2005, most of which would be shipped to the US and Europe.
PDVSA controls 33 % of the project, while Shell has 30 %, Exxon Mobil 29 % and Mitsubishi 8 %. The project has replaced Venezuela's older Cristobal Colon offshore LNG production project, which was finally shelved due to viability aspects.