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Venezuela taps natural gas superwell

Published:Tuesday | March 30, 2010 | 12:00 AM

Venezuelan President Hugo Chávez says drilling for natural gas off his country's Caribbean coast has found a "superwell" and the deposit could be nearly twice as large as originally thought.

Chávez said Venezuela has been drilling in various spots offshore with Russian, Spanish and Italian companies. He says that near the Paraguana Peninsula, "we found a superwell of gas, a superfield."

He said during a visit to Ecuador on Friday the deposit was estimated previously at eight trillion cubic feet of gas, but is thought now to hold up to 14 trillion cubic feet.

The Spanish energy company Repsol said in September that it had found a huge natural gas field off Venezuela estimated to contain 7 trillion to eight trillion cubic feet of gas.

- AP