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Alexei Miller on Gazprom's Investment in Venezuela

Gazprom CEO estimates company's injections into Venezuela's economy as over $100 million

Cooperation between Venezuela and Russian giant Gazprom is widening in years.

Besides joint heavy crude and gas extraction, Gazprom has also set up in Venezuela a service company for repair and drilling operations.

According to the information Miller has, Venezuela’s proven gas reserves amount to 4.5 trillion cu meters. “But the specific feature is that the basic reserves, roughly 90 percent, they are in the oil fields. Essentially, it is the production of oil and it is the particularity of this region and the particularity of gas production,” Miller emphasized.

Asked how much gas Gazprom counts on producing in Venezuela, Miller said: “Everything depends on commercial discovery of the fields, but as to the blocks, where Gazprom is operating now, we speak of reserves of somewhat between 80 billion cu meters of gas to 100 billion cu meters of gas".

Author: Ksenia Kochneva