Further, Olade has endorsed the regional Gran Gasoducto del Sur natural gas pipeline proposed by Venezuela's President Hugo Chavez, Olade executive secretary Alvaro Rios Roca told BNamericas in Caracas.
"We all must see this initiative, proposed by Caracas, as very positive for the region," said Ríos, who was in town to represent Olade during preparatory meetings for the upcoming South American Energy summit.
Venezuela estimates the pipeline project would cover 8,000-15,000km, starting in Venezuela, crossing Brazil and ending in Argentina. The pipeline possibly could supply Chile, Paraguay and Uruguay.
Olade believes pipelines go far in helping developing countries.
"As we advance with a gas pipeline through areas of our countries that have not been developed, we bring infrastructure and jobs," he said.
Further, the pipeline project could help prevent a gas deficit forecast in the Southern Cone from 2015 or 2018.
"In the long term, we believe the vast Venezuelan reserves need to look south," he said. "We have a growing demand in Brazil, Argentina and Chile and it would be a mistake to bring that gas from outside the continent."
Venezuela's state oil firm PDVSA plans to build the Gran Gasoducto with advice from Russia's Gazprom, the world's leading exporter of natural gas through fixed pipelines.
US oil and gas major Chevron (NYSE: CVX) aims to build Venezuela's first LNG train, local and international press quoted PDVSA E&P vice-president Luis Vierma as saying in January.
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