The Venezuelan gas industry. Venezuela and other South American countries: Impact on imports into the U.S.
- PDVSA, Caracas (Venezuela)
The role of Venezuela as a supplier of natural gas and derivative products to international markets will experience significant growth in the medium to long term, in the context of expected market opportunities and the development plans envisaged regarding crude oil production. Venezuela has a very large natural gas resource base, which presently amounts to 287 trillion cubic feet (TCF) in terms of proven, probable and possible reserves. Local consumption is highly concentrated in the oil, petrochemicals, aluminum, steel and electricity generation sectors. At the current consumption level of 1.1 TCF/year, proven reserves would supply the country`s requirements for over 120 years. Probable and possible reserves would more than double this figure. Certainly, this is an indication that one is dealing with a gas surplus country with significant potential for growth towards the exports markets. In this regard, Venezuela`s competitive position is further strengthened by the fact that a large portion of its reserves are associated to crude oil, which allows for low production and handling costs, and a relatively high liquid content. It is expected that the natural gas industry will grow rapidly over the coming years. A significant number of gas projects will be developed, including the expansion of existing ones and the construction of new facilities for recovery of natural gas liquids, the expansion of city methane networks replacing LPG as a domestic and industrial fuel, the construction of ethane recovery units for petrochemical uses, etc., all of which represent an additional liquids production of more than 100 {times} 10{sup 3} bbl/d that could be exported to the US and The Caribbean.
- OSTI ID:
- 124660
- Report Number(s):
- CONF-9503132--
- Country of Publication:
- United States
- Language:
- English
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