Venezuela's Natural Gas Discovery Confirmed as Largest in Country

Venezuela's natural gas reserves are about to experience a significant boost after Italian oil company Eni and Spain's Repsol confirmed that their discovery in the Perla field off the coast of Venezuela is the largest ever in the country. The discovery, made in a well operated by Eni and Repsol, has the potential to increase Venezuela's proven natural gas reserves and make it a major player in the global energy market.

Key Takeaways:

• The Perla field discovery is the largest natural gas discovery in Venezuela, with recoverable gas reserves of between 1 and 1.4 billion barrels of oil equivalent.
• The well produced high-quality gas with a capacity of 600,000 cubic meters a day and 500 barrels of condensate per day.
• Production is expected to increase to over 1 million cubic meters per day.
• The discovery is one of the five biggest discoveries of 2009.
• Venezuela hopes to jump to fourth place in the world in proven natural gas reserves within four years, according to President Hugo Chavez.
• The Perla field is located in the Cardon IV block in shallow water in the Gulf of Venezuela, and is operated in equal 50 percent shares by Eni and Repsol.
• The Venezuelan state company Petroleos de Venezuela SA owns the right to claim a 35-percent share in the development phase.

Statistics:

• Recoverable gas reserves: between 1 and 1.4 billion barrels of oil equivalent.
• Daily gas production: 600,000 cubic meters.
• Daily condensate production: 500 barrels.
• Expected increase in production: over 1 million cubic meters per day.
• Venezuela's current ranking in proven natural gas reserves: not specified.
• Venezuela's projected ranking in four years: fourth place.
• Timeframe for reaching fourth place: four years.

Sources:

• Associated Press, MILAN (AP) – The Italian oil company Eni and Spain’s Repsol on Friday said tests have confirmed that their natural gas discovery offshore Venezuela is the largest ever in the country.