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NEWS & COMMENTARY 2008 SPEAKERS 2007 2006 2005

Saturday, June 17, 2006

Gazprom to begin seismic study offshore Venezuela

Russian gas giant Gazprom, the world's largest gas company, began collecting seismic data for the two blocks offshore Venezuela it received in an award last year, the newspaper El Universal reported.

Gazprom competed with a handful of local and international companies, including Chevron and consortiums that included Spain's Repsol YPF and Japan's Teikoku, which received five new licenses to explore and produce natural gas.

The Russian controlled-company received blocks: Urumaco I and II both of which are off the shore of western Venezuela's Falcón state.

El Universal reported that Gazprom retained a vessel named the Akademic Nemchinov to collect the data.

The Gulf of Venezuela and the northwest Falcón state has some 26 trillion cubic feet of natural gas and some 7 billion barrels of crude, according to Venezuela's state oil company PDVSA.

The northwest Falcón state consists of all of the blocks awarded last year, plus some that will be open to bidding this year.
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