Venezuela to export natural gas

By E.C.V. & Asociados

Venezuela plans to issue a license to Italy’s Eni SpA and Spain’s Repsol SA to export natural gas, said Pedro Tellechea, the nation’s oil minister and head of state-run Petroleos de Venezuela SA.

According to Bloomberg, the country already signed an agreement with the European energy giants on May 5 that allows for the export of natural gas liquids—or condensates—to other markets. It was the first step toward enabling Venezuela to become a natural gas exporting country after over 100 years of focusing on oil.

Located south of the Caribbean sea, Venezuela is highly rich in natural resources. As a founding member of the Organization of Petroleum Exporting Countries, Venezuela is both a producer and an exporter of this energy resource, and is a world leader in exports of natural gas, liquefied gas, butane, and propane.

Ena SpA has been operating in Venezuela since 1998 in the exploration, production, refining, marketing and chemical sectors.

Repsol begun operating in Venezuela in 1993 to develop several crude and gas assets in the development and production phase, which has enabled the company to gain vast experience in light and medium crude, and associated and non-associated gas.