ОАО “Gazprom” to expand cooperation with Venezuelan state oil company PdVSA

20.09.2007    1 мин.   


A working meeting between chairman of the board of OAO “Gazprom” Alexey Miller and vice-president of Venezuela Jorge Rodriguez was held on September 20, 2007. The parties discussed Russian-Venezuelan long-term energy cooperation. Special mention was made of the extent of cooperation between Gazprom and Venezuelan state oil company PdVSA in joint natural gas exploration and development projects in Venezuela. The parties considered prospects for Gazprom’s participation in oil and gas facilities construction in Venezuela and opportunities for cooperation in other offshore and onshore production projects.


Information:
Venezuela’s proven natural gas reserves total 4,3 trillion cubic meters (largest reserves in Latin America), oil - 11,2 billion tons (7% of the world reserves). The country produces 70 billion cubic meters of natural gas annually. All produced gas is consumed within the country, no export and import exist. Natural gas accounts for 41% of the Venezuelan power market, oil - 38%, hydropower - 21%.
Venezuelan state oil company Petroleos de Venezuela S.A. (PdVSA) is a monopolistic natural gas producer in the country. In September, 2005, ОАО “Gazprom” was selected winner of a tender for natural gas exploration and production in the Gulf of Venezuela within the framework of Rafael Urdaneta project (blocks Urumaco-1 and Urumaco-2). In 2007, according to license requirements, Gazprom’s subsidiary ZAO “Zarubezhneftegaz” completed the first phase of exploration work, and a decision to drill exploratory wells was made.

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