OGJ Newsletter

General Interest - Quick TakesChavez vows to expand gas, oil productionVenezuelan President Hugo Chavez said his government is “launching the socialist gas revolution,” claiming that Venezuela possesses “80% of South America’s gas reserves” and “30% of the gas reserves in the Americas.”He said Sept. 16 that his administration would invest $18 billion to expand natural gas production to 11 bcfd from the current 7 bcfd over the next 5 years.Touting his country’s assets, Chavez said Venezuela has proved gas reserves of 150 tcf onshore and 30 tcf offshore.Meanwhile, the Venezuelan leader said his government also plans to increase the country&rsq...

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