Venezuela, Trinidad and Tobago sign offshore natural gas deal

Caracas: Venezuela and Trinidad and Tobago have signed a deal to develop three gas fields that span their maritime border and contain reserves totaling nearly 12 trillion cubic feet.

“We’ve signed the accords for (the Loran-Manatee bloc, the largest of the three), and today we signed (the accord governing) how we’re going to operate those fields,” Venezuela’s Rafael Ramirez, who heads state-owned oil giant PDVSA, said Wednesday.

Ramirez had said last week that an agreement had been reached to develop Loran-Manatee, which alone has reserves totaling more than 10 trillion cubic feet, via a joint venture between PDVSA and US energy major Chevron.

Ramirez added that the two countries have held “several meetings” aimed at expanding their energy cooperation.

Venezuela and Trinidad and Tobago are part of the Gas Exporting Countries Forum that also includes Algeria, Bolivia, Egypt, Russia, Iran, Iraq, Qatar, Libya, Nigeria, Oman, Equatorial Guinea and the United Arab Emirates.

These countries account for nearly half of all global exports of conventional gas and 65 percent of proven gas reserves.

Full article: Venezuela, Trinidad and Tobago sign offshore natural gas deal (Mizo News)

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