Publications

Survey of Energy Resources 2007

Natural Gas Country Notes

Venezuela has by far the biggest natural gas industry in South America, possessing two-thirds of regional proved reserves and accounting for 23% of its marketed production in 2005.

In the absence of any reserves data released by the Ministerio de Energía y Minas later than 151 479 bcf (4 289 bcm) at end-2004, the level for end-2005 quoted by Cedigaz and OPEC (4 315 bcm) has been adopted for the present Survey. Other published sources tell much the same story: Oil & Gas Journal and OAPEC 4 287 bcm, World Oil 4 273 and BP 4 320.

Substantial quantities of Venezuela's natural gas (amounting to around 46% of gross output in 2005) are re-injected in order to boost or maintain reservoir pressures, while smaller amounts (8%) are vented or flared; about 7% of production volumes are subject to shrinkage as a result of the extraction of NGLs.

The principal outlets for Venezuelan gas are power stations, petrochemical plants and industrial users, notably the iron and steel and cement industries. Residential use is on a relatively small scale.