23 November 2010

VENEZUELA: Massive 15 Trillion Offshore Gas Find Confirmed; $17 Billion Oil Deal Signed With Eni.

AP/ M.HERALD/ IAN JAMES /
    Oil Minister Rafael Ramirez announced a new offshore natural gas find - about 15 trillion cubic feet of gas. Italian energy company Eni first revealed drilling results last week.
    But analysts say that Venezuela already leads Latin America in proven gas reserves yet is unable to sell its gas internationally and is still working on trying to meet domestic demand.
   "PDVSA's track record in meeting its completion target dates for its various ... oil and natural gas development projects over the last ten years falls short," said energy expert Jorge Pinon. "Regrettably the Eni project has a very low probability of being completed based on past experiences."

ALSO, Petroleos de Venezuela (PDVSA) and ENI will develop a major oil field in the eastern Orinoco river basin, committing $8bn to develop the field with ENI taking a 40% minority stake.
They will also spend $9bn on a refinery,projected to be ready by 2016.

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