CARACAS (Commodity Online) : Latin America’s top oil producer, Venezuela also confirmed Monday that it has a total of 176 trillion cubic feet of gas reserves by Dec. 31, 2008.

According to a statement by Venezuela’s energy ministry this figure will serve as the basis of policy-making and implementation in hydrocarbon sector, mainly policies concerning development, preservation, utilization, regulation and control of those resources”.

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The new discovery of gas in Venezuela's southeastern coast on Sept. 11, 2009, amounting to 7 quintillion or 8 quintillion cubic feet, has not been added yet, added the statement.

Venezuela's gas reserves rank first in Latin America and second in the Americas, following the United States, which boasts 238 trillion cubic feet of gas reserves.