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To: GST who wrote (50960)	4/17/1999 9:01:00 AM
From: Glenn D. Rudolph	Respond to of 164684

**OT*** Wilpro signs $400mln Venezuelan gas injection deal CARACAS, April 16 (Reuters) - Venezuela said Friday it signed a $400 million natural gas contract with Wilpro, a consortium of Williams <WMB.N> and Schlumberger <SLB.N> subsidiary Production Operators Inc, after the original winner pulled out. El Paso Energy <EPG.N> withdrew in March because it said it could not raise financing for the biggest natural gas project in the world, aimed at extending the productive life of one of the country's biggest oil reservoirs. The so-called PIGAP II contract was awarded by state oil company Petroleos de Venezuela (PDVSA) and Wilpro is responsible for the design, construction, operation and maintenance of the project for 20 years, PDVSA said in a statement. PDVSA is going through its most severe budget cuts in over a decade and will make no capital injection PIGAP II for 20 months, it added. Venezuelan industry sources originally said the El Paso consortium, which included General Electric <GE.N> and Nissho Iwai <8063.T>, wanted to withdraw because of political concerns after failed coup leader Hugo Chavez won presidential elections in December. PIGAP II will inject 1.2 billion cubic feet of gas per day into the Santa Barbara oilfield in eastern Venezuela to enable PDVSA to extract an extra 1.3 billion barrels of light crude oil and condensates over 40 years. It is part of PDVSA's outsourcing policy, aimed at hiving off non-core activities into the private sector. Construction is due to begin in six months with start-up expected in the beginning of 2001.