Venezuela eyeing 'large-scale' LNG foray
Venezuela will invest in large-scale LNG projects in a bid to ratchet up natural gas exports to its neighbors, state oil company PDVSA said on Tuesday.
PDVSA gas chief César Trianna said the company aimed to export 1.6Bf3/d (45Mm3/d) of natural gas "in the medium and long term" via pipelines and floating LNG facilities.
"These projects represent a major challenge for the private national industrial sector that supports us," Trianna said in a PDVSA statement.
He said PDVSA would soon begin the process of certifying reserves that will see Venezuela jump to fourth from eighth in the list of countries with the largest gas reserves.
Future imports would expand existing agreements with Aruba, Colombia and Trinidad & Tobago, according to PDVSA. El Salvador, Panama, Haiti, Dominican Republic and Curacao are possible new markets, it added.
ALSO READ: Can Trinidad cure its gas supply malaise?
"At the moment we are negotiating a contract with Trinidad for the sale of gas," Trianna said. "In the next few years we will be able to export approximately 500Mf3/d of gas via gas pipeline."
Despite boasting the world's largest crude reserves, Venezuela has seen oil production fall by more than 500,000b/d since 2015 as a deepening political crisis cripples PDVSA and prompts international companies to flee.
More than 120 people have died in clashes between government security forces and protesters since April as Venezuela's galloping inflation, rampant crime and food shortages stir unrest.
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