March 8, 2007
Spanish Repsol and Japanese Teikoku Oil granted gas exploitation licenses in Venezuela

(El Universal) - "Spanish Repsol and Japanese Teikoku Oil were granted a license to exploit gas hydrocarbons in Venezuela for 20 years, said state oil holding Pdvsa.

Repsol is operating 93.15 km2 Quiriquire Profundo, in southwestern Monagas state, in a joint venture with Pdvsa where the Spanish firm is to hold a 60 percent stake, AFP reported.

Quiriquire Profundo has a potential production capacity of 280 million cubic feet of gas a day, Pdvsa stressed.

Teikoku Oil is to operate 290.25 km2 120 million cubic feet per day Copa Macoya, in central Guárico state. The Japanese firm will have a 70 percent stake in a joint venture with Pdvsa.

Venezuelan proven gas reserves amount to 4.15 trillion cft -the largest in America . Gas reserves could double with prospecting surveys. The country is making the first steps to exploit its huge gas resources".