Huge natural gas find in Peru

Discussion in 'Economics' started by crgarcia, Jan 14, 2008.

  1. Huge natural gas find in Peru

    The 2 trillion cubic-foot discovery could supply the South American country's needs for 40 years, says President Alan Garcia.

    January 14 2008: 4:39 PM EST

    LIMA, Peru (AP) -- Repsol YPF has found 2 trillion cubic feet of natural gas in Peru's jungle, enough to ensure Peru's gas supply for up to 40 years, President Alan Garcia said Monday.

    "With this new find, we can say that Peru's reserves could guarantee consumption for several decades, for 30 or 40 years," Garcia told a news conference.

    The finding of additional deposits near Peru's Camisea gas fields in the southern state of Cuzco also opens the door to additional discoveries, he added.

    "This is important news for the future and security of our country's energy," Garcia said.

    Repsol YPF (REP) will operate the project. Brazil's state oil company Petrobras and Burlington Resources Peru are minority partners.
  2. I've got my own little gas field here - if you know what I mean.
  3. Thats funny.. me too. And for some reason no one wants to hang out at my gas field with me.