By the OGJ Online Staff
HOUSTON, June 4 -- Venezuelan President Hugo Chavez said Saturday that his nation was prepared to help the US meet its energy policy goals.
Chavez spoke Saturday after touring Citgo Petroleum Corp.'s 152,000-b/d refinery in Corpus Christi, Tex. Petroleos de Venezuela SA owns Citgo.
He said the US realizes "that Venezuela will always be a safe and secure provider" of energy.
He noted that President George W. Bush's energy plan calls for increased natural gas consumption and use. "We are planning to increase our gas production as well. And we are hoping that just like we bring tankers full of crude oil, we hope that in the coming years, we can also bring gas to the US."
Chavez said PDVSA is studying the possibility of exports through gas-to-liquids technology.
He said Venezuela has more gas reserves than any other Latin American nation and ranks eighth in the world. He said 11 companies recently bid to explore in 17 areas, and winners will be named in August.
"And we hope to find and discover a lot of gas, because a lot of it will be sent to you because your consumption keeps growing and will continue to grow."
Although the 17 areas are onshore, Chavez said Venezuela also is considering offering offshore gas exploration licenses.
"We also have established a new law that will protect investments. And it is quite clear we are not only asking for investment, but we are going to protect private investment, both at the national and international level. And because of this, we've seen a great increase in investment in energy and all other sectors."
He said the Venezuelan economy is recovering, inflation is dropping, and the exchange rate has settled.
"The price of oil is stabilized at more or less $22/bbl for Venezuelan oil. Investments are up. Consumption is growing. In other words, we're winning the economic battle."
In the US, Chavez said, PDVSA is contributing to US goals to increase refinery capacities. He said Citgo is studying a 100,000-b/d, $260-million expansion of its 307,325 b/d Lake Charles, La., refinery.
He added there is "a very serious probability or possibility that in the future we may increase the capacity for refining" at the Corpus Christi site.
Chavez said Venezuela also could also supply more of its Orimulsion mixture to fuel US electric power plants.
