MOSCOW, October 4 (RIA Novosti) - The Russian gas giant Gazprom was granted 30-year licenses to develop natural gas fields in Venezuela, the company's news service said Wednesday.
"The Venezuelan government handed Gazprom licenses to develop Urumaco 1 and Urumaco 2 investment blocks," the service said.
It said the company would conduct seismic survey and drilling works during the first four years.
In 1999, the Venezuelan government passed a law On Natural Gas to promote foreign investments in the gas industry.
Gazprom set up two joint stock companies, UrdanetaGazprom-1, C.A. and UrdanetaGazprom-2, C.A., in compliance with the terms of the Urumaco 1 and Urumaco 2 tender.
