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RepsolYPF and Teikoku Oil sign 20-yr Venezuela gas licences

Petroleumworld
CARACAS
Petroleumworld.com 03 09 07

RepsolYPF and Teikoku Oil were granted 20-yr Venezuela gas exploration and extraction licences. Venezuela's oil company PDVSA said Thursday in a press release.

Repsol YPF SA has won a 20-year licence for gas exploration and extraction through a 60 pct stake in a joint venture with PDVSA in Quririquire Profundo field.

Quiriquire Profundo field holds potential reserves to produce 280 mln cubic feet of gas per day.

And Teikoku Oil also has won a a 20-year licence for gas exploration and extraction through a 70 pct stake in a joint venture with PDVSA in Guarico gas field.

Teikoku Oil is to operate 290.25 km2 120 million cubic feet per day Copa Macoya, in central Guárico state.

Venezuelan proven gas reserves amount to 4.15 trillion cft -the largest in America. Gas reserves could double with prospecting surveys.

Petroleumworld 08 03 07

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