Natural Gas

This hydrocarbon is a clean and efficient source of energy that is being used more and more around the world, especially for the generation of electricity. In Venezuela, however, it will also become the foundation for expanding oil production in coming years.

Opportunities in this area are as great as the reserves –the eighth largest in the world and the largest in Latin America—totaling 150 trillion cubic feet (tcf). Out of this total, 90% is associated with crude oil, and reserves of non-associated gas are estimated at 196 tcf.

The government expects to increase production of crude to 5 million barrels per day (bpd) by 2010. To achieve this goal, the state-owned company Petróleos de Venezuela (Pdvsa) has an investment plan that calls for US$ 31.25 billion from the company’s own coffers and US$ 12.53 billion in private capital.

The gas producing potential will help boost the national economy by meeting the requirements of the oil, electric and petrochemical sectors, among others, as well as the growing needs on the international market. It will also help with the hydrocarbon deficit on the domestic market, fostering development of extra heavy crudes in the Orinoco Belt, the petrochemical industry and, lastly, for export.

There are currently several projects for off-shore gas extraction: The Deltana Platform (reserves estimated at 38 tcf), Mariscal Sucre (10 to 14 tcf), Bonaire-Golfo Triste (6 tcf), Ensenada (1 tcf), Blanquilla (9 tcf) and Rafael Urdaneta (26 tcf).