petroleumworld

Venezuela and Trinidad to sign unitization
of Loran/Manatee field

PORT SPAIN
Petroleumworldtt.com 02 09 2010

Trinidad & Tobago (TT) and Venezuela will sign within weeks the long waited unitization boundaries agreement to start cooperation to develop the oil and gas sectors of both countries, said TT's Energy Minister Conrad Enill, to Petroleumworld last week.

"Technical teams have finished their work, legal papers reviewed so everything is set to sign at any time" Enill said. " When Venezuela is ready, we are ready too" he added.

Venezuelan Ambassador to Trinidad and Tobago, Maria Eugenia Marcano Casado, confirmed to The Trinidad & Tobago Guardian last week that Venezuela is expected to sign an energy treaty soon.

Venezuela is counting in the development of the oil and gas fields in the country's Platform Deltana petroleum fields which are located off the country's east coast along the border with Trinidad and Tobago and covers 32,000km2 in water depths ranging from 80m to 1000m and holds estimated reserves in the range of 38tcf, with 7.6tcf proven, probable and possible.

Chevron, holds the license for Deltana block 2, on the Venezuelan side ( Loran field) were it has located 7 tcf of proven gas reserves, also in the Trinidad side of the reservoir (Manatee field), Chevron holds the exploration license to Block 6d, and has also reported petroleum findings.

The two nations are in the last leg towards establishing an unitization agreement that would allow for the development of the fields.

Trinidad hopes to use that gas for a new train in its LNG plant and Venezuela wants to use it in its to be constructed SIGMA LNG plant in Guiria, very close to the northwest side of Trinidad.

Story by Elio Ohep, editor of petroleumworld, 58 212 635 7252; 58 412 996 3730; editor@petroleumworld.com; Caracas.

Petroleumworldtt.com 02 09 2010

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