Gazprom stays in Venezuela licensing rounds

Offshore staff

(Venezuela)-Russian gas giant OAO Gazprom will continue participating in offshore tenders for projects in Venezuela. Upcoming tenders under consideration are five offshore zones that include some heavy oil fields.

Boris Nikitin, first deputy director of Gazprom's gas, condensate, and oil production department, made the announcement of their continued interest in Venezuelan tenders, and also mentioned that the company is still interested in the Rafael Urdaneta project.

Gazprom received a license for the Urumaco-1 and Urumaco-2 blocks in the Rafael Urdaneta project in October, where the company is expected to invest at least $13 million starting in March 2006.

Currently, Gazprom is involved in geophysical work to find a site for drilling a first exploration well. Further geological exploration work at these fields is set to last four years and will involve seismic exploration and drilling of exploration wells.

12/05/2005