"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.
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