The Venezuela local daily newspaper El Universal reported Monday that the Japanese Teikoku Oil company plans to invest heavily in the opening of Venezuela's natural gas sector.
"We're interested in expanding our businesses, not only in new projects but we also want to take more advantage of our investment in Venezuela," Teikoku international project manager Hiroshi Nakagawa was El Universal reported.
"We're currently negotiating with PDVSA Venezuela Oil Company, the idea is producing 60 million cubic feet a day (cf/d) of natural gas," Nakagawa said.
Nakagawa added that Teikoku is especially interested in the development of the natural gas field Copa Macoya and in the exploration and production of other five natural gas fields.
A total of eleven Venezuelan natural gas fields covering 14,400 square kilometers and with proven reserves estimated at around 23 trillion cubic feet of non-associated gas have been offered to private companies.
PDVSA is expected to select the award the concessions companies next January .
Venezuela counts on $8 to $10 billion in investment over the coming years for the development of its natural gas sector.
Teikoku has invested in Venezuela approximated $145 million in exploration and production in Venezuela
© 2000 Mena Report (www.menareport.com)
