| |
News from Trinidad & Tobago as of
|
Venezuela buys Conoco Deltana share, Chevron stays
|
| Published on Saturday, October 3, 2009 | Email To Friend Print Version
|
CARACAS, Venezuela (Reuters) -- Venezuela said on Friday it had acquired ConocoPhillips' share in the Deltana Platform offshore natural gas project and will develop the field in a joint venture with Chevron.
The Deltana Platform is a gas field between the mouth of the Orinoco river and Trinidad and Tobago. Chevron and ConocoPhillips have been exploring the area since 2003 and found about 7 trillion cubic feet of natural gas in two blocks.
State oil company PDVSA will hold a 61 percent share in the project and Chevron 39 percent, the company said in a statement. PDVSA said the joint venture will produce 750 million cubic feet per day but did not give a timeline or an estimate of investments.
It did not under what terms it had acquired Conoco's share in the Deltana field.
The company said the project requires the construction of a 300 km (186 mile) pipeline to take the gas to a Liquid Natural gas plant, also to be built.
Norway's Statoil is exploring another block in the Deltana field but so far has not found gas.
Venezuela is on poor terms with Conoco, which has taken the country to international courts over the 2007 nationalization of crude projects. PDVSA is planning its own suit to block Conoco from buying its share in the Merey Sweeny refinery. | | | | Reads : 656 | | | |
|
|
More news from Trinidad
& Tobago...
|
