CARACAS, June 14 Argentina's state-controlled
energy company YPF will join Venezuela's offshore
Deltana Platform natural gas project along with state oil
company PDVSA and U.S. oil major Chevron Corp
, Venezuela's oil minister said on Friday.
The Deltana Platform is a project to extract and export
natural gas from fields believed to hold some 7 trillion cubic
feet. Venezuela has made little progress in efforts to monetize
offshore natural gas, and currently imports gas from neighboring
Colombia even though it has much larger reserves.
Oil Minister Rafael Ramirez, who signed the agreement with
YPF President Miguel Galuccio, did not provide details on what
percentage stake the Argentine company would hold.
Galuccio said part of the gas produced in Deltana would be
exported to Argentina, which has a natural gas deficit but is
developing a regasification terminal that would allow it to
import liquefied natural gas (LNG).
Venezuela still does not have natural gas export capacity
despite a two-decade-old plan to build an LNG facility.