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Venezuela 'super well' larger than thought

Venezuelan President Hugo Chavez said the South American nation discovered a “super well” that shows an offshore field holds almost twice as much natural gas as originally estimated.

News wires 26 March 2010 21:30 GMT

The field may hold as much as 14 trillion cubic feet of natural gas, more than the previously reported 8 trillion cubic feet, Chavez said today on state television, without identifying the gas deposit.

“We have drilled tens of wells in the Caribbean and recently discovered a super well,” Chavez said. “A super deposit that was at 8 now could be as much as 14 trillion cubic feet.”

Repsol YPF struck as much as 7.7 trillion cubic feet of gas in the Gulf of Venezuela last year, Bloomberg reported.

Gazprom also found “significant quantities” of gas in a nearby field, Energy and Oil Minister Rafael Ramirez said last year.

Continues @ Upstreamonline.com

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He is certainly lucky.

We should most certainly consider increasing off-shore drilling in the Gulf of Mexico.