| Section 1 539kb
 | 1.0 | Introduction | 
    
      | 2.0 | Executive Summary | 
    
      |  | 2.1 | Study Objective | 2 | 
    
      | 2.2 | Study Basis | 2 | 
    
      | 2.3 | The GTL Process | 2 | 
    
      | 2.4 | Site Selection | 3 | 
    
      | 2.5 | Technology Licensors | 4 | 
    
      | 2.6 | Marketing Study | 5 | 
    
      | 2.7 | Economic Analysis | 6 | 
    
      | 2.8 | Recommendations | 9 | 
    
      | 2.9 | Strategy Options | 9 | 
    
      | 3.0 | Study Bases | 
    
      |  | 3.1 | Scope & Bases of Study | 1 | 
    
      |  | 3.1.1 | Scope of Study | 1 | 
    
      | 3.1.2 | Bases of Study | 2 | 
    
      |  | 3.1.2.1 | Gas Composition | 2 | 
    
      | 3.1.2.2 | Supply Pressure and Temperature | 2 | 
    
      | 3.1.2.3 | Gas Price | 3 | 
    
      | 3.1.2.4 | Plant Capacity | 3 | 
    
      | 3.1.2.5 | Potential Sites | 3 | 
    
      | 3.1.2.6 | Market Analysis | 3 | 
    
      | 3.1.2.7 | GTL Products | 4 | 
    
      | 3.1.2.8 | GTL Technologies | 4 | 
    
      | 3.1.2.9 | Economic Parameters | 4 | 
    
      | 3.1.2.10 | Business Approach | 5 | 
    
      | 3.1.2.11 | Synergy Issue | 5 | 
    
      | Section 2 1051kb
 | 4.0 | Natural Gas Supply | 
    
      |  | 4.1 | Overview | 1 | 
    
      | 4.2 | Reserves and Sources | 3 | 
    
      |  | 4.2.1 | Gas Reserves and Production - Present | 4 | 
    
      | 4.2.2 | Gas Reserves and Production - Future
        Developments | 10 | 
    
      | 4.3 | Transportation Pipelines | 12 | 
    
      |  | 4.3.1 | Present System | 13 | 
    
      | 4.3.2 | Future Developments | 15 | 
    
      | 4.4 | Infrastructure Related Issues | 18 | 
    
      |  | 4.4.1 | Plant Feedstock | 18 | 
    
      | 4.4.2 | Gas Pricing | 19 | 
    
      | Section 3 739kb
 | 5.0 | Industry Status | 
    
      |  | 5.1 | Overview | 1 | 
    
      | 5.2 | Current Gas Processing Facilities | 3 | 
    
      |  | 5.2.1 | NGL Extraction Plants | 5 | 
    
      |  | 5.2.1.1 | Western Venezuela | 5 | 
    
      | 5.2.1.2 | Eastern Venezuela | 8 | 
    
      | 5.3 | Future Development | 9 | 
    
      |  | 5.3.1 | NGL Extraction and Fractionation Plants | 10 | 
    
      |  | 5.3.1.1 | Western Venezuela | 10 | 
    
      | 5.3.1.2 | Eastern Venezuela | 10 | 
    
      | 5.3.2 | LNG Projects | 12 | 
    
      | 5.3.3 | Other Projects | 14 | 
    
      | 5.4 | Gas Industry Legal Framework | 15 | 
    
      | Section 4 739kb
 | 6.0 | Study Site | 
    
      |  | 6.1 | PDVSA's Rationale for Selecting the Three
        Sites | 1 | 
    
      |  | 6.1.1 | Anaco | 2 | 
    
      | 6.1.2 | Jose | 2 | 
    
      | 6.1.3 | Güiria | 3 | 
    
      | 6.2 | Key Parameters for Selection | 3 | 
    
      | 6.3 | Individual Site Related Information | 4 | 
    
      |  | 6.3.1 | Jose | 4 | 
    
      |  | 6.3.1.1 | Geographic Information | 5 | 
    
      | 6.3.1.2 | Geotechnical Data | 7 | 
    
      | 6.3.1.3 | Construction Issues | 8 | 
    
      | 6.3.1.4 | Available Infrastructure and Related Facilities | 9 | 
    
      | 6.3.1.5 | Utilities | 11 | 
    
      | 6.3.1.6 | Synergy Opportunities | 12 | 
    
      | 6.3.1.7 | New Infrastructure Requirements | 14 | 
    
      | 6.3.2 | Anaco | 15 | 
    
      |  | 6.3.2.1 | Geographic Information | 15 | 
    
      | 6.3.2.2 | Geotechnical Data | 17 | 
    
      | 6.3.2.3 | Construction Issues | 18 | 
    
      | 6.3.2.4 | Available Infrastructure and Related Facilities | 18 | 
    
      | 6.3.2.5 | Utilities | 21 | 
    
      | 6.3.2.6 | Synergy Opportunities | 22 | 
    
      | 6.3.2.7 | New Infrastructure Requirements | 23 | 
    
      | 6.3.3 | Güiria | 24 | 
    
      |  | 6.3.3.1 | Geographic Information | 25 | 
    
      | 6.3.3.2 | Geotechnical Data | 26 | 
    
      | 6.3.3.3 | Construction Issues | 27 | 
    
      | 6.3.3.4 | Available Infrastructure and Related Facilities | 28 | 
    
      | 6.3.3.5 | Utilities | 28 | 
    
      | 6.3.3.6 | Synergy Opportunities | 29 | 
    
      | 6.3.3.7 | New Infrastructure Requirements | 30 | 
    
      | 6.4 | Summary Table | 32 | 
    
      | References | 37 | 
    
      | Section 5 1336kb
 | 7.0 | Marketing Study | 
    
      |  | 7.1 | Overview | 1 | 
    
      | 7.2 | Summary | 3 | 
    
      | 7.3 | Products | 6 | 
    
      |  | 7.3.1 | LPG | 6 | 
    
      |  | 7.3.1.1 | Supply and Demand | 6 | 
    
      | 7.3.1.2 | Price | 7 | 
    
      | 7.3.2 | Naptha | 7 | 
    
      |  | 7.3.2.1 | Supply and Demand | 7 | 
    
      | 7.3.2.2 | Price | 9 | 
    
      | 7.3.2.3 | Recommended Capacity | 10 | 
    
      | 7.3.3 | Kerosene | 10 | 
    
      |  | 7.3.3.1 | Supply and Demand | 10 | 
    
      | 7.3.3.2 | Price | 11 | 
    
      | 7.3.3.3 | Jet Fuel/Kerosene Quality | 11 | 
    
      | 7.3.4 | Diesel | 12 | 
    
      |  | 7.3.4.1 | Supply and Demand | 12 | 
    
      | 7.3.4.2 | Diesel Fuel Specifications | 13 | 
    
      | 7.3.4.3 | Price | 15 | 
    
      | 7.3.4.4 | Diesel Quality | 19 | 
    
      | 7.3.5 | Normal Paraffins | 22 | 
    
      |  | 7.3.5.1 | Supply and Demand | 22 | 
    
      | 7.3.5.2 | Price | 24 | 
    
      | 7.3.5.3 | Recommended Capacity | 24 | 
    
      | 7.3.5.4 | Product Properties | 25 | 
    
      | 7.3.6 | Waxes | 26 | 
    
      |  | 7.3.6.1 | Supply and Demand | 26 | 
    
      | 7.3.6.2 | Price | 29 | 
    
      | 7.3.6.3 | Recommended Capacity | 29 | 
    
      | 7.3.6.4 | Product Properties | 30 | 
    
      | 7.3.7 | Synthetic Lubricants | 30 | 
    
      |  | 7.3.7.1 | Supply and Demand | 31 | 
    
      | 7.3.7.2 | Price | 32 | 
    
      | 7.3.7.3 | Recommended Capacity | 33 | 
    
      | 7.3.7.4 | Product Properties | 34 | 
    
      | 7.3.8 | Synthetic Crude | 34 | 
    
      | 7.3.9 | Oxygenates | 35 | 
    
      |  | 7.3.9.1 | Supply and Demand | 35 | 
    
      | References | 36 | 
    
      | Section 6 935kb
 | 8.0 | Technology Evaluation | 
    
      |  | 8.1 | Overview | 1 | 
    
      |  | 8.1.1 | Gas To Liquids (GTL) Conversion Technology | 1 | 
    
      | 8.1.2 | GTL Facility | 3 | 
    
      |  | 8.1.2.1 | Syngas Production | 5 | 
    
      | 8.1.2.2 | Fischer-Tropsch Synthesis Unit | 7 | 
    
      | 8.1.2.3 | Product Work-Up | 10 | 
    
      | 8.1.2.4 | Reaction Water Treatment | 12 | 
    
      | 8.2 | Licensor Information | 15 | 
    
      |  | 8.2.1 | Full GTL Plant | 15 | 
    
      |  | 8.2.1.1 | Exxon Advanced Gas Conversion for the 21st Century
        (Agc-21) | 15 | 
    
      | 8.2.1.2 | Shell Middle Distillate Synthesis (SMDS) | 15 | 
    
      | 8.2.1.3 | Sasol | 19 | 
    
      | 8.2.1.4 | Syntroleum | 22 | 
    
      | 8.2.2 | Syngas Production | 24 | 
    
      |  | 8.2.2.1 | Texaco | 24 | 
    
      | Section 7 659kb
 | 8.2.2.2 | Lurgi | 26 | 
    
      | 8.2.2.3 | Kruppe/Uhde | 26 | 
    
      | 8.2.3 | Fischer-Tropsch | 28 | 
    
      |  | 8.2.3.1 | Rentech | 28 | 
    
      | 8.2.3.2 | PDVSA/Intevep | 29 | 
    
      | 8.2.4 | Product Work-Up | 31 | 
    
      |  | 8.2.4.1 | UOP | 31 | 
    
      | 8.2.4.2 | IFP | 33 | 
    
      | 8.3 | Licensor Evaluation | 37 | 
    
      |  | 8.3.1 | Exxon | 38 | 
    
      | 8.3.2 | Shell | 38 | 
    
      | 8.3.3 | Sasol | 38 | 
    
      | 8.3.4 | Syntroleum | 39 | 
    
      | 8.3.5 | Rentech | 39 | 
    
      | 8.3.6 | PDVSA/Intevep | 39 | 
    
      | 8.3.7 | Summary of Licensor Data | 40 | 
    
      | 8.3.8 | Ranking of Licensors | 40 | 
    
      | 8.4 | Future Advancements in GTL Technology | 42 | 
    
      | 8.5 | Discussion | 44 | 
    
      |  | 8.5.1 | General | 44 | 
    
      | 8.5.2 | Exxon | 45 | 
    
      | 8.5.4 | Shell | 45 | 
    
      | Section 8 561kb
 | 8.5.5 | Sasol | 46 | 
    
      | 8.5.6 | Syntroleum | 46 | 
    
      | 8.5.7 | Rentech | 46 | 
    
      | 8.5.8 | PDVSA/Intevep | 46 | 
    
      | 9.0 | Process Modeling | 
    
      | Section 9 886kb
 | 10.0 | Economic Analysis | 
    
      |  | 10.1 | Overall Methodology | 1 | 
    
      | 10.2 | "Short Term" Cases | 4 | 
    
      |  | 10.2.1 | General | 4 | 
    
      | 10.2.2 | Exxon | 5 | 
    
      | 10.2.3 | Shell | 5 | 
    
      | 10.2.4 | Sasol | 5 | 
    
      | 10.2.5 | Syntroleum | 6 | 
    
      | 10.2.6 | Rentech | 8 | 
    
      | 10.2.7 | PDVSA/Intevep | 9 | 
    
      | 10.2.8 | Recommended Technology | 10 | 
    
      | 10.3 | "Long Term" Cases | 16 | 
    
      |  | 10.3.1 | General | 16 | 
    
      | 10.3.2 | Exxon | 16 | 
    
      | 10.3.3 | Shell | 17 | 
    
      | 10.3.4 | Sasol | 17 | 
    
      | 10.3.5 | Syntroleum | 18 | 
    
      | 10.3.6 | Rentech | 19 | 
    
      | 10.3.7 | PDVSA/Intevep | 20 | 
    
      | 10.3.8 | Recommended Technology | 22 | 
    
      | Section 10 1498kb
 | 10.4 | Site Selection Economics | 28 | 
    
      |  | 10.4.1 | TIC Site Conversion Factor | 28 | 
    
      | 10.4.2 | "Short Term" Case | 34 | 
    
      | 10.4.3 | "Long Term" Case | 35 | 
    
      | 10.5 | Risk Analysis & Sensitivity Studies | 40 | 
    
      |  | 10.5.1 | Methodology | 40 | 
    
      | 10.5.2 | "Short Term" Case | 42 | 
    
      |  | 10.5.2.1 | Risk Analysis | 43 | 
    
      | 10.5.2.2 | Sensitivity Analysis | 46 | 
    
      | 10.5.2.3 | "Short Term" Case Conclusions | 50 | 
    
      | 10.5.3 | "Long Term" Case | 51 | 
    
      |  | 10.5.3.1 | Risk Analysis | 52 | 
    
      | 10.5.3.2 | Sensitivity Analysis | 55 | 
    
      | 10.5.3.3 | "Long Term" Case Conclusions | 59 | 
    
      | 11.0 | Recommend Cases | 
    
      |  | 11.1 | General | 1 | 
    
      | 11.2 | "Short Term" Project | 1 | 
    
      | 11.3 | "Long Term" Project | 6 |