March 26, 2010, 8:18PM ET
QUITO, Ecuador
Venezuelan President Hugo Chavez says drilling for natural gas off his country's Caribbean coast has found a "super well" and the deposit could be nearly twice as large as originally thought.
Chavez said Venezuela has been drilling in various spots offshore with Russian, Spanish and Italian companies. He says that near the Paraguana Peninsula, "we found a super well of gas, a super field."
He said during a visit to Ecuador on Friday the deposit was estimated previously at 8 trillion cubic feet of gas, but is thought now to hold up to 14 trillion cubic feet.
The Spanish energy company Repsol said in September that it had found a huge natural gas field off Venezuela estimated to contain 7 trillion to 8 trillion cubic feet of gas.
Source: http://www.businessweek.com/ap/financialnews/D9EMKTI02.htm
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