Processing Magazine

Venezuela teams up with companies on natural gas investments

September 22, 2008

According to the Associated Press, Venezuela has signed accords with private companies from more than a half-dozen countries, launching a major push into natural gas projects that are expected to bring some $19.6 billion in joint investment. State oil company Petroleos de Venezuela SA inked eight agreements to develop offshore natural gas deposits with U.S.-based Chevron Corp., Russia''s Gazprom, Italy''s Eni SpA, Portugal''s GALP Energia, Qatar Petroleum, Malasyia''s Petronas, Argentina''s Enarsa, and the Japanese companies Mitsui, Mitsubishi and Itochu Corp. President Hugo Chavez, who presided at a signing ceremony in Caracas. Venezuela is home to South America''s largest natural gas reserves, but they have remained largely untapped while the country focused on oil production. Officials expect the joint investment over the next eight years to hit some $19.6 billion.