Venezuela advocates fair gas price

Mar 20, 2007 01:00 AM

The need of a fair price for natural gas, a significant resource on the international market, is key in current Venezuelan energy policy.
The creation of an organization of South American Gas Producing and Exporting Countries (OPEGASUR), encouraged by Venezuela, Argentina, and Bolivia, is one of the latest initiatives.

Sources from the sector also referred to the possible creation of an entity with characteristics similar to the Organization of Petroleum Exporting Countries (OPEC) for gas.
Venezuela, Algeria, Qatar, Iran, and Russia have been mentioned as the potential founders of such a block, likely to welcome more members in a short period.

Were the projected association established, Caracas would contribute the largest gas reserves in the continent, likely to increase once those in the Deltana Platform are confirmed, Venezuela s state PdVSA Oil Company affirmed.
PdVSA s plans for the 2006-2012 period comprises investments about $ 16.70 bn to develop gas related projects.

Source: Prensa Latina
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