Venezuela's gas licensing round to explore and produce non-associated natural gas in 11 areas will be delay until March 2001, PDVSA Vice President Domingo Mariscobetre said Tuesday.
Venezuela's Energy Ministry and PDVSA had schedule the process for January 2001, but delays in the aproval of the pricing formula framework has delay it until march of next year.
"We will finish delivering the (licensing contracts) for the 11 areas before March," said Mariscobetre.
PDVSA Gas is seeking joint-venture partners and other cooperative arrangements in efforts to accelerate E&P for non-associated gas;
spur expansion of the gas grid, mainly domestically, but also with an eye to export opportunities; foster increases in gas processing and LNG fractionation; promote development of LNG exports; establish a presence in gas and gas byproducts trading; and back development of GTL projects.
The licenses will last 35 years, with an option to extend them for an additional 30 years.
Private firms will put up a $4 million deposit to guarantee that they will develop the fields and then pay for the licenses when the fields begin producing.
PDVSA expects $6 billion to $11 billion in natural gas investment during the next nine years.
By Elio Ohep
© 2000 Mena Report (www.menareport.com)
