Venezuela confirms 176 trillion cubic feet of gas reserves

Venezuela on Monday confirmed it has a total of 176 trillion cubic feet (one cubic foot equals 0.028 cubic meter) of gas reserves by Dec. 31, 2008.

This figure "will serve as the basis of policy-making and implementation in hydrocarbon sector, mainly policies concerning development, preservation, utilization, regulation and control of those resources," the Venezuelan government said.

According to the government, the new discovery of gas in Venezuela's southeastern coast on Sept. 11, 2009, amounting to 7 quintillion or 8 quintillion cubic feet, has not been added yet.

Venezuela's gas reserves rank first in Latin America and second in the Americas, following the United States, which boasts 238 trillion cubic feet of gas reserves.

Source:Xinhua