Venezuela teams up with companies on natural gas
Venezuela signed accords with private companies from more than a half-dozen countries on Friday, launching a major push into natural gas projects that are expected to bring some $19.6 billion in joint investment.
By Agencies |
CARACAS: Venezuela signed accords with private companies from more than a half-dozen countries on Friday, launching a major push into natural gas projects that are expected to bring some $19.6 billion in joint investment.
State oil company Petroleos de Venezuela SA inked eight agreements to develop offshore natural gas deposits with US-based Chevron Corp., Russia's Gazprom, Italy's Eni SpA, Portugal's GALP Energia, Qatar Petroleum, Malasyia's Petronas, Argentina's Enarsa, and the Japanese companies Mitsui, Mitsubishi and Itochu Corp.
President Hugo Chavez, who presided at a signing ceremony in Caracas, said the agreements to form mixed companies for gas liquefaction and transport are of historic importance for Venezuela. Venezuela is home to South America's largest natural gas reserves, but they have remained largely untapped while the country focused on oil production.
Officials expect join investment over the next eight years to hit some $19.6 billion, Energy Minister Rafael Ramirez told reporters. Under one agreement, Gazprom, Eni and Malaysia's Petronas signed a memorandum of understanding to help develop the offshore gas fields Blanquilla and Tortuga.
State oil company Petroleos de Venezuela SA inked eight agreements to develop offshore natural gas deposits with US-based Chevron Corp., Russia's Gazprom, Italy's Eni SpA, Portugal's GALP Energia, Qatar Petroleum, Malasyia's Petronas, Argentina's Enarsa, and the Japanese companies Mitsui, Mitsubishi and Itochu Corp.
President Hugo Chavez, who presided at a signing ceremony in Caracas, said the agreements to form mixed companies for gas liquefaction and transport are of historic importance for Venezuela. Venezuela is home to South America's largest natural gas reserves, but they have remained largely untapped while the country focused on oil production.
Officials expect join investment over the next eight years to hit some $19.6 billion, Energy Minister Rafael Ramirez told reporters. Under one agreement, Gazprom, Eni and Malaysia's Petronas signed a memorandum of understanding to help develop the offshore gas fields Blanquilla and Tortuga.
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