May
21, 2004
Statoil to invest $100M
in Venezuelan gas block
(Rigzone.com) - "Statoil plans to
invest $100 million in the first exploration phase
at a natural gas block in Venezuela's Delta platform,
Ottar Rekdal, Statoil's executive vice president,
told local daily El Nacional.
Rekdal said the company will drill
three exploratory wells in the second half of
this year in the area, according to a report in
the paper's edition. The Delta contains an estimated
38 trillion cubic feet of gas, and Venezuela has
sold three exploration blocks.
Statoil operates one block, while
ChevronTexaco operates another two blocks. The
area is a continental shelf extension of the Orinoco
River's delta along the eastern coast of the country.
Rekdal said Statoil has rights
to use regassification terminals in the U.S.,
which would give the company a guaranteed market
for production out of Venezuela. 'We are currently
negotiating to increase this capacity,' said Rekda".
