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Gazprom Injected $100m in Venezuela
Gazprom has invested over $100 million in Venezuela; the extraction of heavy crude has been specified as priority, Interfax reported from Orenburg, where Russia’s President Dmitry Medvedev met with Venezuela’s President Hugo Chavez.
Gazprom that has been working in Venezuela for a few years already has invested over $100 million in economy of that country, Gazprom CEO Alexei Miller said.
“Our cooperation is widening. Together with our Venezuela’s colleagues, we have currently determined as priorities a few projects related to heavy crude extraction,” Miller specified.
The agreement for joint extraction of gas for the LNG production has been sealed already, Miller reminded, adding that Gazprom has also set up in Venezuela a service company for repair and drilling operations.
Venezuela’s proven gas reserves amount to 4.5 trillion cu meters, Miller said. “But the specific feature is that the basic reserves, roughly 90 percent, they are in the oil fields. Essentially, it is the production of oil and it is the particularity of this region and the particularity of gas production,” Miller emphasized.
The potential of Venezuela’s gas industry is exactly in drilling and in gas production on the shelf fields, Gazprom CEO went on. Asked how much gas Gazprom counts on producing in Venezuela, Miller said: “Everything depends on commercial discovery of the fields, but as to the blocks, where Gazprom is operating now, we speak of reserves of somewhat between 80 billion cu meters of gas to 100 billion cu meters of gas.
www.kommersant.com
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