Ypergas to Invest US$40mn this Year, Sees Output Tripling by 2009

Venezuelan natural gas production consortium Ypergas plans to invest up to US$40mn this year in its Yucal Placer field in Guarico state to triple present production to some 400 million cubic feet a day (Mf3/d) by 2009, Ypergas institutional relations manager Eudis Prieto told BNamericas.

"Investments this year should be US$30mn-40mn," Prieto said. The main expenditure this year will be drilling a new well, he added.

Current production of 100-150Mf3/d makes Ypergas the largest private producer in Venezuela. The company has invested US$145mn since 2002 and started production in 2004.

The consortium has not considered building a power plant to burn its gas because the field is so close to gas transport infrastructure that it prefers to place the gas there, Prieto said.

France's Total (NYSE: TOT) owns 70% of Ypergas, Spain's Repsol YPF (NYSE: REP) owns 15% and Venezuelan companies Inelectra and Otepi have 10.2% and 5.3% respectively.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles
Related Articles


Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours