PDVSA and Veneoranto sign agreement to develop two gas fields

PDVSA and Veneoranto, a subsidiary of Atlas Oranto, have signed an agreement to exploit the Barracuda and Boca de Serpiente gas fields, strengthening Venezuela’s position in the global natural gas market.

August 12, 2024 Rudy Vervant

Countries	Colombie, Guyana, Arabie Saoudite, Trinité-et-Tobago
Companies	BRICS, PDVSA
Sector	Gaz, Gaz naturel
Theme	Politique & Géopolitique, Sécurité énergétique

Petróleos de Venezuela S.A. (PDVSA) and Veneoranto Petroleum Ltd, a subsidiary of Nigeria’s Atlas Oranto, have signed a key agreement for the development of two offshore gas fields located in strategic areas of Venezuela.
The Barracuda field, located in the Gulf of Venezuela close to the Colombian border, is estimated to hold 20 trillion cubic feet (Tcf) of natural gas and around 2 billion barrels of condensate.
The Boca de Serpiente field, located on the Plataforma Deltana near the border with Guyana, is also considered a key resource for the country’s energy future.
The collaboration with Veneoranto is part of PDVSA’s strategy to attract foreign investment against a backdrop of international sanctions and political pressure.
The aim is to boost Venezuela’s gas production while diversifying commercial partnerships.
President Nicolás Maduro underlined the importance of this agreement, which could enable Venezuela to export gas to Africa via channels established by its Nigerian partner.