MADRID, (Reuters) – Venezuelan President Hugo Chavez said yesterday a consortium, including Spanish oil major Repsol, has struck a natural gas field, which may be the biggest gas field yet found in Venezuela, and one of the largest in the world.
Chavez said initial tests indicate the field, dubbed the Rafael Urdaneta project, holds 7-8 trillion cubic feet of natural gas and recoverable reserves could be around 1.5 to 2.0 tcf.
“Venezuela’s gas reserves … will put us among the five great world giants of gas,” Chavez told Spain’s El Pais newspaper. “That is very positive for Venezuela and Spain.”
In 2008, world natural gas reserves totalled 6,534 trillion cubic feet, according to the BP Statistical guide.
Repsol confirmed the strike, located in the Cardon 4 block in the north of the Gulf of Maracaibo, and said more exact reserve estimates will be available in a couple of weeks. Italian oil major Eni is a 50 percent partner.
