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Venezuela signs accord to develop big LNG project
Reuters, 11.30.02, 5:41 PM ET
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CARACAS, Venezuela, Nov 30 (Reuters) - Venezuela signed an
agreement on Saturday with an Anglo-Dutch company and another
firm from Japan to start developing a $2.7 billion liquefied
natural gas (LNG) project which aims to make the oil-rich
nation a net gas exporter by 2007.
The preliminary development accord for the Mariscal Sucre
project in northeast Venezuela was initialed by state-run
Petroleos de Venezuela (PDVSA), Royal Dutch/Shell <RD.AS>
<SHEL.L> and Japan's Mitsubishi Corp <8058.T>.
It foresees the start of economic and technical feasibility
studies for the project, designed to produce 4.7 million tonnes
of LNG a year, most of which is expected to go to U.S.
customers.
Venezuela's Energy and Mines Minister Rafael Ramirez said
the agreement was a milestone in plans to turn the South
American country, already the world's No. 5 oil exporter, into
a major gas exporter.
"From 2007 onward, Venezuela is going to be a net exporter
of gas," Ramirez said at a ceremony in Caracas attended by
foreign oil company executives.
He told reporters later the Gulf Arab state of Qatar, which
controls the world's third largest natural gas reserves, was
also negotiating with PDVSA for a stake in Mariscal Sucre.
Negotiations were advanced, he added, without giving details.
Fellow OPEC member Venezuela holds the world's eighth
largest reserves of natural gas, which it is eager to develop
to imitate the success of its gas-rich neighbor Trinidad.
At Saturday's ceremony, the government also handed over
formal conditions and terms to other major foreign companies
involved in negotiations to explore and develop offshore
natural gas blocks in Venezuela's northeast Deltana Platform.
The Deltana selection process documents were handed to
representatives from Britain's British Gas Plc <BG.L>, Norway's
Statoil <STAT.OL> and French TotalFinaElf <TOTF.PA>. They will
be the major partners in developing the Venezuelan gas blocks
in conjunction with other foreign firms.
Britain's BP Plc <BP.L> was also involved in negotiations
on another natural gas block, Ramirez said.
Copyright 2002, Reuters News Service
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