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Brazil to Begin Natural Gas Exploration

Monday July 3, 1:03 pm ET

Report Says Brazil to Begin Exploring for Natural Gas in Central Venezuela This Year

CARACAS, Venezuela (AP) -- Brazil's government-operated energy company will begin exploring for natural gas in central Venezuela this year, Venezuela's state-run news agency reported Monday.

Jorge Luis Sanchez, president of Venezuela's state-run gas company, told the agency that Petroleo Brasileiro SA, or Petrobras, would explore near San Carlos, a small city 300 kilometers (185 miles) west of Caracas.

Venezuela -- the world's fifth largest oil exporter -- has the largest proven natural gas reserves in South America with 147.5 trillion cubic feet (4.18 trillion cubic meters), according to the government.
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