31 10 2008

A Russian ship with a drilling platform has entered the Gulf of Venezuela to explore for gas reserves in partnership with the South American nation's state-owned oil company, President Hugo Chavez announced.

"A Russian vessel is arriving with a platform. We will begin drilling the first gas well in the Gulf of Venezuela,'' said Chavez.

Petroleos de Venezuela -- the state-owned company that dominates Venezuela's oil exploration and production of natural gas, as well as refining and exporting the country's oil reserves -- has never explored the country's territorial waters, added Chavez.

According to official data, Venezuela has the eighth largest natural gas reserves in the world and the biggest in Latin America -- some five trillion cubic meters.

AGENCE FRANCE-PRESS 

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