Repsol and PdVSA to create new gas company

Dec 21, 2004 01:00 AM

Spanish-Argentine oil and energy company Repsol-YPF is looking to start a new company with state-owned oil company, Petroleos de Venezuela, or PdVSA, which would produce natural gas in eastern Venezuela, said a Repsol official.
Repsol and PdVSA made changes to their operation agreement to boost production in eastern Venezuela, said Ramon Blanco Balin.

Venezuela is the world's fifth oil exporter, but in recent years it has made an effort to increase its gas production.
As part of the effort, Venezuela has offered gas blocks to foreign companies in offshore gas projects, which it plans to expand. According to government statistics, Venezuela has the eighth-largest natural gas reserves.

Venezuela injects natural gas into its oil reservoirs to increase pressure underground, helping to increase production, as well as using it for a growing petrochemicals industry.

Source: Dow Jones
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