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Venezuela proven natural gas reserves rise to 185.2 TCF
CARACAS
Petroleumworld.com, Aug 30, 2010Venezuela's proven natural gas reserves have risen to 185.2 trillion cubic feet (TCF), Venezuela's oil company PDVSA, said in a statement on its Web site on Friday.
The incorporation of 6.4 tcf found at Cardon IV block in the Gulf of Venezuela to be exploited by Spain's Repsol YPF and Italy's Eni, made the increase and places Venezuela as ninth place in reserves in the world, informed PDVSA.
“A recent discovery at the Cardon IV block of the Rafael Urdaneta project, in the Gulf of Venezuela, caused proven reserves to rise to 185.2 trillion cubic feet,” Venezuela's oil company PDVSA, said in a statement on its Web site.There is an original site of 15 TCF (Trillion Cubic Feet ), 60 percent of which is recoverable. Out of the additional reserves, 6.4 cubit feet are considered proven and 2.6 cubit feet have been classified as probable, said PDVSA.
PDVSA and its foreign partners – Spain's Repsol YPF ( operator) and Italy's Eni – began exploring the Cardon IV block in 2009 with the drilling of the Perla 1X well.
Repsol announced in October that that well “contains recoverable gas reserves of between 1 and 1.4 billion barrels of oil equivalent, enough to fulfill Spain's gas demand for five years.”
The Spanish company characterized that well as “its biggest-ever gas discovery and the largest find of its kind made in (Venezuela).”
PDVSA said Friday that the Cardon IV block is “a (deposit) of reef limestone ... (and) an important, unprecedented find in the country and worldwide.”
Only 10 percent of the reserves in the Cardon IV block – a 924,330-square-kilometer (356,900-square-mile) area located in the Gulf of Venezuela – has been identified thus far, PDVSA said.
Venezuela is the world's fifth-leading crude exporter and, according to official Venezuelan figures, has the world's largest oil reserves – 316 billion barrels of heavy and extra-heavy crude.Source: PDVSA, Reuters
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Petroleumworld.com 08/29/2010
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