Repsol Makes Massive Venezuelan Gas Find

MADRID (TheStreet) -- The country of Venezuela, well-known for its socialistic chief executive and huge oil revenues, may add another big, symbolic archetype to its international image, according to reports.

Soon enough, it may be known as the land with one of the world's largest natural gas reserves.

According to The Associated Press, Spanish-based integrated energy concern Repsol(REP Quote) found a natural gas field in the Gulf of Venezuela that may hold between 7 to 8 trillion cubic feet of natural gas.

According to a Repsol spokesperson cited in the piece, that would be around five times as much gas as the entire country of Spain uses in a year, and ranks as the energy behemoth's single largest gas find.

"At the rate the certified scientific discoveries are going, Venezuela's gas reserves place it among the top five in the world," President Hugo Chavez was quoted as telling the newspaper El Pais according to the AP.

American depositary shares for Repsol were adding 24 cents at $25.85 in afternoon trading.

Other energy shares were mixed so far today. Exxon Mobil(XOM Quote) and Chevron(CVX Quote) were heading lower by 1.2% each.

Anadarko Petroleum(APC Quote) and Chesapeake Energy(CHK Quote) were going higher, adding 1.1% and 2.6%, respectively.

-- Written by Sung Moss in New York

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