Venezuela to Pump Natural Gas to Caribbean Basin

Venezuela´s state-run oil company, Petróleos de Venezuela (PDVSA), may sell natural gas to Caribbean countries, drawing on reserves from its offshore Deltana Platform fields, according to reports from local newspapers.

Up to 500 million cubic feet of natural gas may be produced daily from Block 1 of the Deltana Platform, which could be used to supply members of Venezuela´s PetroCaribe initiative, the El Universal newspaper said, citing Eulogio Del Pino, a member of PDVSA ´s board of directors.

Block 1 may hold up to 1 trillion cubic feet of natural gas, Del Pino said, the newspaper reported. He gave no timeframe for the startup of production.

The Deltana Platform, which is divided into five blocks and straddles Venezuela´s frontier with Trinidad and Tobago, may hold as much as 40 trillion cubic feet of natural gas. Venezuela created PetroCaribe to offer Caribbean states with petroleum products at preferential pricing.