November 11, 2008
Gazprom Commences Drilling of Exploratory Well Offshore Venezuela
Russian gas major Gazprom has commenced the drilling of its first exploratory well in the Urumaco-I Block offshore Venezuela. The exclusive right to produce natural gas is held by the Venezuelan state-run oil and gas company PDVSA.
In August 2005, Gazprom had won a tender for Phase-A of the Rafael Urdaneta project and was awarded with natural gas exploration and development licenses for the Urumaco I and II blocks in the Gulf of Venezuela.
Gazprom said that Venezuela's proven crude oil reserves amount to 11.2 billion tonnes, or 7% of the global total, with Maracaibo, Falcon, Oriental and Apure being the largest oil fields.