The fields are located in the "Area Mayor de Oficina" in the country's east and will be exploited under the nation's current gas law that entails a 20% royalty and 35% income tax.
The awarded blocks are named Sanvi-Guere, Boca-Cachama-Chimire, Torta-Maulpa, Nipa-Guirico-Nardo and Esquina-Trico.
The development of the blocks will be used to increase domestic production and reduce the current natural gas deficit in Venezuela, according to the gazette.
Some industry analysts, however, said the fields might not hold that much gas.
"I believe they are overestimating the gas potential, since most of the reservoirs contained in these fields are of very low gas to oil ratio," one analyst said on the condition of anonymity.
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