Venezuela to reoffer natural gas blocks

Dec 04, 2002 01:00 AM

Venezuelan Oil Minister Rafael Ramirez said the country will try again to auction some natural gas properties in western Zulia state.
"We have concrete proposals for the Norte de Ambrosio (property) that we're evaluating," Ramirez, whose office, the Ministry of Energy and Mines, oversees all natural gas-related issues, was quoted as saying.

The Norte de Ambrosio, along with the Memo, El Totumo, El Pao and La Galera blocks, didn't find any bidders last year when 11 blocks were offered. Six blocks were picked up by companies including TotalFinaElf and Repsol-YPF. The concessions auctioned last year had a 35-year term with a possibly 30-year extension.
Venezuela has natural-gas reserves of 146 tcf, the highest in Latin America. Ramirez's comments come as Venezuela begins auctioning some offshore natural properties in the Deltana Platform, off the coast of Trinidad. The bidding for those properties is slated for Dec. 16 and the winners are to be announced Dec. 20, according to government information.

The Deltana Platform consists of 27,000 sq km with estimated proven gas reserves of 20 tcf to 30 tcf. The first exploratory well has produced 62 mm cfpd of natural gas and condensates.
That project is expected to cost $ 3.8 bn during the next six years and create thousands of jobs.

Source: Dow Jones
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