Gazprom delegation meets with Venezuelan officials

Officials from Russian energy giant Gazprom visited Venezuela last week to discuss the possibility of participating in key projects in the Orinoco Belt.

In the course of the meetings with Eulogio del Pino, Venezuelan Deputy Minister for Energy and Petroleum and PdVSA Gas leadership, "the parties discussed the possibility for Gazprom to take part in the project on Reserve Certification of the Orinoco Oil Belt, new offshore gas projects and prospects for participation in the gas infrastructure projects," according to Gazprom.

In September 2005 Gazprom was named the winner of a tender for prospecting and development of natural gas fields in the Gulf of Venezuela within the Rafael Urdaneta project (Urumaco 1 and Urumaco 2 blocks). In 2007 the first stage of geological works was completed and the parties decided to drill test wells. 

The delegation members visited the heavy oil production facilities in the Orinoco Belt and also various infrastructure and technological peculiarities of the current projects executed by PdVSA Gas.

PdVSA Gas is a gas branch of Petroleous de Venezuela S.A.

Venezuela’s proved natural gas and oil reserves account for 4.3 tcm and 11.2 bln tons, respectively, according to Gazprom (For a more precise report, view Venezuela: Energy profile).

Venezuela annually produces some 70 bcm/y of gas that is in full consumed by domestic consumers. The country doesn’t import and export gas. The share of natural gas, oil and hydropower in Venezuela’s primary energy mix makes up 41, 38 and 21 percent, respectively.

The monopoly right to produce natural gas is held by the Venezuelan state-run oil and gas company Petroleos de Venezuela S.A. Venezuela is participating in the construction project of transcontinental pipeline system in South America which will join Venezuela, Brazil, Argentina, Urugvai, Paraguay and Bolivia in the unified energy network.