Venezuela adds 6.37 tcf to proven natgas reserves

[Judi Lynn]

Source: Reuters

Venezuela adds 6.37 tcf to proven natgas reserves
Fri Aug 27, 2010 6:45pm GMT

CARACAS Aug 27 (Reuters) - Venezuela said on Friday it had added 6.37 trillion cubic feet (tcf) of natural gas to its proven reserves from an offshore block to be exploited by Italy's ENI SpA (ENI.MI: Quote) and Spain's Repsol (REP.MC: Quote).

Adding the Cardon 4 block -- one of the OPEC member's biggest gas discoveries of recent times -- takes total national gas reserves to 185.2 tcf, the ninth highest level in the world, the Energy Ministry said in a statement.

Cardon 4 has another 2.6 tcf of "probable" reserves, the ministry said.

State oil firm PDVSA has a 35 percent stake in a joint venture with ENI and Repsol for Cardon 4.

Read more: http://af.reuters.com/article/energyOilNews/idAFN2726553920100827