Venezuela and Trinidad work on natural gas unification

Aug 02, 2006 02:00 AM

Energy officials from Trinidad and Venezuela met recently to hammer out the fine print on a natural gas "unitization agreement" that both countries hope to finalize before the end of the year, said Venezuela's Oil Ministry.
The unitization agreement applies to natural gas reservoirs that straddle the maritime border between Venezuela and Trinidad. Chevron, for example, is waiting on the unitization treaty before developing two Venezuelan offshore gas fields.

The ministry said the steering committee charged with delineating cross-border reserves will meet again in September. The two countries began unitization talks in 2004.
The final treaty will determine how much of each natural gas reservoir belongs to each country.

Venezuela has 150 tcf of natural gas reserves, but has been slow in developing the gas industry.
The country currently suffers from a natural gas deficit, which it expects to resolve by the end of 2008.

Source: MarketWatch
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