31 Dec '11, 11am

Venezuela to Open up Massive Natural Gas Field with European

According to a statement released by Repsol YPF, S.A., Perla (the pearl) field is 31 miles off Venezuela’s coast in the Cardon IV block of the Gulf of Venezuela in 200 feet of water and holds 17 trillion cubic meters of natural gas, equivalent to 3.0 billion barrels of oil. Repsol YPF, S.A.’s recent pronouncement is more than double the estimate it gave three months ago when it first announced the initial results of its test drilling. The Perla field was discovered in 1976 and in 2009 the partners began initial exploratory activities to estimate the field’s reserves. Four test wells have now been drilled.

Full article: http://peakoil.com/production/venezuela-to-open-up-massiv...

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