Abstract
In Middle and South America, demand for natural gas is growing rapidly due to the growth of electricity consumption and the general trend of shifting the source of energy from oil to gas. The governments in those areas are less protective in providing opportunities for foreign oil companies. In these circumstances, chances of realizing business opportunities in gas development projects are expanding.Teikoku Oil Co., Ltd. is expanding gas development business in Middle and South America area. In Venezuela, Teikoku has been operating oil fields in two blocks since 1992. In East-Guarico block, Non-associated gas production was resumed in 2000 within the operating block and currently 80mm scf/d of gas is being produced. Also in 2002, Teikoku farmed in two gas exploration blocks: San-Carlos and Tinaco and currently conducting exploration works.In Mexico, Teikoku has participated in two blocks for MSC (Multiple Service Contract) contract with Petrobras and providing development and production services for PEMEX. It is expected that the opportunities for foreign companies will be expanding in Mexico.
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