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Venezuela assigned new licenses in the Urdaneta gas project to Gazprom

CARACAS
Petroleumworld.com, Mar 01, 2011

Venezuela has assigned new gas exploration rights to Russia's Gazprom (GAZP.MM: Quote ) for $20 million, according to Monday's official government gazette.

The continent's biggest crude oil producer is sitting on some of the world's largest offshore gas reserves, experts say, but is yet to begin producing any commercial gas.

Gazprom has found nothing in two Gulf of Venezuela blocks where it won exploration rights in 2005, so was being granted a "re-assignment of areas," an Energy Ministry source said.

Gazprom could now start new explorations in redrawn boundaries for the Urumaco I area, and also in Urumaco III for the first time, the gazette resolutions said.

Both of those concessions are for 3-4 years.

 



Story by Marianna Parraga from Reuters

Reuters Mon Feb 28

 

 

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