Despite instability Venezuela remains strong energy supplier to region

LAST YEAR’s social instability in Venezuela has not affected the South American Republic’s ability to supply petroleum and petroleum-related products to the region. This was the declaration issued by Venezuelan Energy Minister, Dr Rafael Ramirez, when he addressed the 2004 Trinidad and Tobago Petroleum Conference at the Hilton Trinidad yesterday.  Ramirez told the gathering that notwithstanding attempts to sabotage the Venezuelan energy industry during last year’s action against President Hugo Chavez’s administration, State energy company PDVSA had staged an “extraordinary” recovery and his country’s proven crude oil reserves now stood at 78 billion barrels. “We remain a secure oil supplier. It demonstrates the strength of the (Venezuelan) oil sector,” he declared.

The Minister said Venezuela is striving to become a major gas supplier by 2005 and recently passed the Hydrocarbon and Gaseous Hydrocarbon Laws to help achieve this goal.  Ramirez said that work continues apace to exploit the gas reserves of the Platforma Deltana and the Marisical Sucre Project, which is located to the north of Guiria in the Caribbean Sea. He added that talks are ongoing between PDVSA and State oil company Petrotrin about joint ventures to exploit these reserves. Reflecting on an August 12, 2003 Memorandum of Understanding (MOU) signed between TT and Venezuela to develop cross-border gas reserves, Ramirez noted the increasing demand for natural gas in the United States and said both nations must seize this opportunity. The Minister also noted that a subsequent letter of intent between the two countries, suggested the creation of a hemispheric consortium called Petroamericana that would promote regional cooperation and “unitization of hydrocarbon reservoirs.”