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The $37 Billion Solution»
Venezuela plans for US gas boom...
The Venezuelan oil industry plans to invest US $37 billion over the next five years, including investments by foreign oil companies, according to 'Invest Venezuela'.
Energy and Mines minister Rafael Ramirez said that Venezuela would exploit the growing demand for natural gas from the United States to become an exporter in 2005. US demand for natural gas is expected to increase 14% by the end of the decade, according to Standard & Poor's.
Venezuela is now developing its Deltana offshore gas platform, near Trinidadian territorial waters. The platform contains reserves of over one billion cubic meters of gas.
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