Block A is one of four new offshore E&P licenses for natural gas that Venezuela's government is tendering.
The block is the only one of the four in which state oil firm PDVSA wants to have a 70% stake. The company wants a 30% stake in the other three blocks.
Further, block A is the one with the most natural gas in place: 3.5 trillion cubic feet, double the expected reserves of any other block on offer.
PDVSA found gas in La Blanquilla during a 1980-82 oil exploration project. The company drilled a well and started producing 300 barrels a day of very light condensates of API grade 48, according to PDVSA.
La Blanquilla is close to the tourist center of Margarita island. Bidding officially started this week for the four blocks. Competitors have until October 25 to present offers and winners will be announced October 28.
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