[NYTr] More Bad News for Bush: Russians Announce Gas Find Off Venezuela
 
Date: Sat, 6 Oct 2007 08:31:19 -0500 (CDT)

Via NY Transfer News Collective  *  All the News that Doesn't Fit
 

[Good news for Chavez and Russia's Gazprom, but 
"watta revoltin' development" for Bush and Cheney -NY Transfer]

excerpted from VIO Venezuela Daily News Roundup - Oct 5, 2007

[Russian oil company Gazprom discovered natural gas reserves off the
shore of Venezuela of over a trillion cubic feet, according to Dow
Jones.  Venezuela counts with 180 trillion cubic feet of proven gas
reserves, the eighth largest on the planet.  New government efforts are
aimed at developing the natural gas industry by investing over  $18
billion during the next five years. -VIO]

Dow Jones via CNN - Oct 4, 2007
http://money.cnn.com/news/newsfeeds/articles/djf500/200710042009DOWJONESDJONLINE000903_FORTUNE5.htm

Gazprom Finds Gas At 2 Venezuela Offshore Blocks: PdVSA

By Peter Millard

MEXICO CITY -- Russian oil company Gazprom OAO has completed an exploration campaign at two offshore natural gas blocks in Venezuela, with reserves estimated at over a trillion cubic feet, said an official at state-run Petroleos de Venezuela on Thursday.

"Gazprom has finished some exploration wells," said Felix Rodriguez, the president of PdVSA Gas, the natural gas division of the state oil firm. "The results are highly motivating."

In 2005 Gazprom won the Urumaco I and Urumaco II blocks in a licensing round for areas in Venezuela's western offshore waters. Venezuela has vast gas reserves, but the country is just beginning to develop its natural gas industry and currently has a domestic deficit of the fuel.

Speaking at a Liquefied Natural Gas conference in Mexico City, Rodriguez said the two blocks are expected to hold "a little more than" one trillion cubic feet.

Gazprom is currently using the drilling results and seismic data to map out the size of the gas reservoir and is also working on a development plan, he said.

The blocks form part of the Rafael Urdaneta offshore project, where PdVSA has sold a total of seven exploration blocks to companies including Repsol YPF (REP) , Chevron Corp. (CVX), Petrobras (PBR), and ENI (E).

PdVSA estimates total reserves in the area at 25 trillion cubic feet of gas. Rafael Urdaneta includes a total of 29 blocks that span 11,580 square miles.

Venezuela says it has a total of 180 trillion cubic feet of proven gas reserves, the eighth largest on the planet.

Rodriguez said Venezuela plans to spend $18 billion over the next five years to develop the natural gas industry.
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