Venezuela may double, triple natural gas reserves, Chavez says
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| Published on Thursday, September 13, 2007 |
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By Steven Bodzin
CARACAS, Venezuela (Bloomberg): Venezuela, the biggest oil exporter in South America, has proved natural gas reserves of 180 trillion cubic feet and hopes to double or triple the total through exploration, President Hugo Chavez said on Wednesday.
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| Venezuelan President Hugo Chavez. Bloomberg Photo |
"There's enough gas for a century or more," Chavez said Wednesday on state television. "Every time we drill another well we find more gas."
The country will increase use of gas for cooking, vehicles and petrochemicals, he said. The country has 151 trillion cubic feet proven, the US Energy Department said last year in a briefing paper on Venezuela, citing Oil and Gas Journal. The US used 22 trillion cubic feet of gas in 2005, according to the Department of Energy.
While Chavez has promoted Venezuela as a potential gas exporter, trying to convince neighbors to work with him on pipelines, the country is now experiencing a shortage, forcing it to burn fuel oil in power plants. It plans to start importing gas from Colombia October 12.
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