) -- 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



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



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) - Get Report



(CVX) - Get Report

were heading lower by 1.2% each.

Anadarko Petroleum

(APC) - Get Report


Chesapeake Energy

(CHK) - Get Report

were going higher, adding 1.1% and 2.6%, respectively.

-- Written by Sung Moss in New York

Follow on


and become a fan on


Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.