(Bnamericas.com) - "Five joint ventures in Venezuela have the most potential to develop natural gas projects, state oil company PDVSA JV projects manager Deivis González said at the Fourth International Gas Conference in Puerto La Cruz, Venezuela.

The five JV companies are Petrowarao, Petroindependiente, Petrowayu, Baripetrol and PetroCumarebo.

Petrowarao, a JV held by PDVSA and London-based Perenco, has 300Bf3 (8.5Bm3) of possible reserves and is planning to drill 19 new natural gas wells.

Petroindependiente, a JV between PDVSA and US oil major Chevron has 300Bf3 in probable reserves.

Petrowayu, a JV between PDVSA and Brazil's federal energy company Petrobras has 200Bf3 of natural gas reserves.

Baripetrol, a JV between PDVSA, Buenos Aires-based Tecpetrol and Perenco, has 200Bf3 of estimated natural gas reserves.

Finally, PetroCumarebo, a JV held by PDVSA and Canada's PetroFalcon (TSX: PFC), has 290Bf3 of natural gas reserves, according to González.

Venezuela, meanwhile, has the eighth largest natural gas reserves in the world, holding 2.8% of the world's supply and almost 30% of known supply in the Americas, according to González.

Twenty-one JV companies are operating in Venezuela and PDVSA holds at least a 60% stake in each company. JVs operating in Venezuela currently have more than 2,000 active wells. JVs operating in Venezuela must contribute 1.1% of production and another 1% of profits to social spending, the manager said. All contracts signed with PDVSA also must include a social development project.

'Venezuela is one of the most important countries in the world for natural gas for geopolitical and geographical reasons as well as for its vast reserves,' González said".