PdVSA to move to develop gas to generate more revenue

Oct 18, 2007 02:00 AM

Hugo Chavez, President of Venezuela, indicated that “if we could replace, right now, our gasoline, gas oil and fuel oil consumption for gas, and we exported these fuels at international rates, we would receive additional income of almost $ 10 bn this year”.
President Chavez attended the pre-inauguration ceremony of the Transoceanic Gas Pipeline, “Antonio Ricaurte” Section, in Ballenas, Colombia, along with Alvaro Uribe, President of Colombia, and Rafael Correa, President of Ecuador.

During his remarks, President Chavez explained that $ 20 are needed to produce the amount of gas equivalent to an oil barrel which costs an average of $ 60 per barrel.
According to President Chavez, “if South America replaces a good chunk of its current consumption of gasoline, gas oil and diesel for gas, it would receive additional income of around $ 50 bn every year. This additional income could be devoted to the Bank of the South, a project that will be launched in November of this year to achieve financial and social independence for our peoples.”

The Venezuelan President also mentioned the potential of gas reserves in Peru, Bolivia, Ecuador and Colombia, among others.
“But this is not so they can take it all up north. We have to grant priority to our peoples and to endogenous development”. He urged the promotion of investing in these projects that will make it easier for integration to move from north to south, from east to west, with the construction of gas pipelines that traverse the region from one end to the other, guaranteeing the South American Energy Area.

Chavez explained that Venezuela’s natural gas reserves are huge. The country ranks 8th worldwide, and after reserves in the Venezuelan Caribbean region are certified it could jump to 5th place. This constitutes a solid platform for energy integration.
Lastly, the Venezuelan President talked about the four directions Venezuela is following for the gas industrialization process, and urged other presidents of the region to visualize this approach as a whole based on the direct benefits it will bring about, including: mass consumption of direct gas in households, production of household appliances that run on gas, vehicle natural gas, and energy for thermoelectric and petrochemical plants.
“By adding our potentials we can be closer to building a good homeland, closer to Bolivar’s and Ricaurte’s dream of a great Colombian union”, President Chavez affirmed.

Source: Petroleumworld.com
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