PDVSA,Gazprom to Develop Venezuela Deltana Gas Areas

Dow Jones Newswires

PUERTO LA CRUZ, Venezuela (Dow Jones Newswires), October 2, 2008

PDVSA and Russia's OAO Gazprom plan to develop several areas in the Plataforma Deltana offshore natural gas project, a PDVSA official said Thursday.

PDVSA has offered Gazprom the Ballena field in the project's block 4 as well as the development of block 5, Eulogio Del Pino, PDVSA's vice president said on the sidelines of the International Natural Gas summit.

"Statoil will officially leave the Ballena field after having explored it, and we're looking to go together with Gazprom in that field, as well as block 5, which looks promising," Del Pino said.

In 2003 Statoil secured a license to operate Block 4 of the Deltana project, a continental shelf extension of the Orinoco River delta along the country's eastern coast.

The Company drilled three wells, and two of them were viable.

The Deltana contract gives PDVSA, an option to buy a 35% minority stake in the project if commercial reserves are found. Del Pino said Venezuela will exercise that option in the Deltana.

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