Venezuela’s proven natural gas reserves through June 2, 2010 rose to 185 trillion cubic feet (TCF), according to a report published in the Official Gazette on August 26 detailing the upgrading and formalization of total reserves.

In the report, the Ministry of Energy and Oil points out that the increase is due to the addition of 5.26 TCF at the end of 2009, and 6.37 TCF of new proven reserves of unassociated gas hydrocarbons on June 2, 2010, from the block Cardón IV, of the Rafael Urdaneta Project.

The Rafael Urdaneta project includes 29 blocks in the Gulf of Venezuela off northern Falcón state, with total gas deposits estimated at 26 TCF.

By the end of 2008, Venezuela’s proven gas reserves amounted to 176.01 TCF.

The addition of the proven gas hydrocarbon reserves is part of a policy implemented by the Venezuelan Government to reassess the country’s energy resources. These new reserves will be the basis for drafting and implementing hydrocarbons policies, especially to develop, preserve, use, regulate and control these resources.

AVN/Press Office – Venezuelan Embassy to the U.S./August 27, 2010