Venezuela Seeks to Boost Gas Supply by Reducing Flaring

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(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – Latin American oil producer Venezuela plans to increase the supply of natural gas in its domestic market by reducing flaring and using the once wasted resource as a raw material to supply its ailing petrochemical sector.

Venezuela plans to increase domestic gas supply by 700 million cubic feet per day over two years by reducing flaring in the northern areas of Monagas. The gas will be used to supply the country’s petrochemical sector in the western region, especially the José Antonio Anzoátegui Industrial Condominium Complex, which manufactures fertilizers and methanol, reported Venezuela’s oil ministry in an official statement on its website.

Gas previously flared in northern Monagas will leverage construction of new plants, and represent 220 million cubic feet per day as well as fertilizer and methanol production of 3 million tons per year, the ministry said.

Existing plants will increase their production to 1 million tons per year. Both measures are estimated to generate annual revenues of nearly $1.2 billion, according to the ministry.

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