Venezuela opens int’l bidding for offshore gas exploration

Venezuela opened on Tuesday global bidding for licenses to explore and run four potentially gas-rich offshore blocks, attracting 30 companies from across the world, Energy Minister Rafael Ramirez announced.

The announcement comes as Venezuela, home to the largest gas reserves in South America, wants to boost its natural gas exploration and exploitation.

The three Caribbean blocks are 320 km north of Las Margaritas islands, and a fourth is in Punta Pescador, about 500 km east of the capital. They were discovered by state-owned Petroleos de Venezuela, known as PDVSA.