Venezuela to increase investment in exploration and production of gas

Apr 12, 2004 02:00 AM

Venezuela's Energy and Mines Minister Rafael Ramirez declared that Venezuela will increase investment in field exploration and production to raise the country's gas reserves and output.
The minister said that the country had 148 bn cf of gas reserves, but the number had stagnated for many years.

Ramirez stated that Venezuela will invest 7 to $ 8 bn in field exploration in the following five years. Luis Xavier Grisanti, president of the Venezuelan Hydrocarbons Association, was quoted as saying that "we can have the world's third largest gas reserves, after Russia and Iran."
The countries with the richest gas reserves include Russia, Iran, Qatar, Saudi Arabia, the United Arab Emirates, the United States, Argelia and Venezuela.

According to reports, the Venezuelan Deltan Platform and the Sucre Marshal project will pave the way for Venezuela's gas to reach the US market in 2009, which consumes 26 % of the global output and is expected to double within 25 years, and eventually to export toColombia and Caribbean nations.

Source: Xinhua News Agency
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