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    Repsol makes huge natural gas discovery offshore Venezuela

    News // September 14, 2009

    Spainís biggest oil company Repsol-YPF has announced the discovery of a Venezuelan gas field containing as much as 8 trillion cubic feet of gas, equivalent to 1.2 to 1.4 billion barrels, one of the worldís largest finds.

    Venezuelan President Hugo Chavez and Repsol CEO Antonio Brufau discussed the find in Madrid, the company said.

    Repsol wants to boost oil and gas production through new finds off the coasts of Brazil and Venezuela after four years of declining output. The company is also a partner in Brazilís Guara oil field, which may contain 2 billion barrels of oil.

     

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