Veneoranto Petroleum Limited, a Nigerian oil firm, has signed an agreement with Venezuela’s state-owned oil company, PDVSA, to develop two natural gas fields in the country. The signing ceremony took place on August 8, 2024, and was attended by notable figures, including Venezuelan President Nicolás Maduro and Arthur Eze, the Nigerian representative of Veneoranto.
The agreement focuses on the technical and economic feasibility of developing two areas: the Barracuda Area, located in the Gulf of Venezuela, and the Boca de Serpiente area in Delta Amacuro state. The Barracuda prospect is particularly promising, with estimated reserves of 20 trillion cubic feet (tcf) of natural gas and about 2 trillion barrels of condensate. The Boca de Serpiente area is also believed to hold significant gas reserves, contributing to a total of 30 tcf across both sites.
Arthur Eze, representing Veneoranto, expressed optimism about Africa’s readiness to invest in Venezuela, urging President Maduro to continue the legacy of former leader Hugo Chávez. Eze stated, “Africa is happy and knows a lot about Venezuela. We want to come here to invest, may God bless and bless his people.”
Venezuelan Minister of Petroleum, Pedro Tellechea, highlighted that these agreements are exploratory, aimed at certifying the deposits in both areas. He emphasized that this partnership will position Venezuela as a key player in the global gas market. President Maduro reinforced this sentiment, stating that the collaboration represents a united effort to build a prosperous future together.
Maduro expressed his satisfaction with the acceleration of the investment process for gas production from the Gulf of Venezuela, indicating that both nations could soon be exporting gas to Africa. This partnership is seen as a crucial step in enhancing Venezuela’s status as a gas-exporting country.
Veneoranto Petroleum is a subsidiary of Atlas Oranto, a Nigerian company with a strong presence in the oil and natural gas sector. The establishment of Veneoranto in Venezuela reflects a growing interest from African firms in the South American country’s vast energy resources. Venezuela is known for its significant proven reserves, estimated at 303 billion barrels of oil and 200 tcf of natural gas.
The agreement between Veneoranto Petroleum and PDVSA marks a pivotal moment in the collaboration between Nigeria and Venezuela in the energy sector. With both countries looking to leverage their natural resources, this partnership could lead to increased investment and development in the gas industry,
Potentially benefiting both nations economically. As the world continues to seek alternative energy sources, the successful implementation of this agreement may position Venezuela as a vital player in the global gas market.
