Chavez touts regional gas export group amid domestic deficit

President Hugo Chavez is portraying Venezuela as a natural gas powerhouse and is pushing for a regional exporters’ group despite a deficit of the fuel back home.

Far from launching exports, Venezuela will begin importing gas from Colombia later this year to solve a supply crunch at its western oil fields. Venezuela needs more gas to inject into aging oil fields, a process that increases reservoir pressure and lifts oil production.
Market Watch