PDVSA: Dragon Doesn't Cross Into T&T Waters

Dragon, a natural gas deposit off the shores of eastern Venezuela, does not cross over into Trinidad & Tobago's sovereign waters, Caracas daily El Universal reported.

"With the 3-D seismic technique available today, we can visualize the gas deposits underground. Everything tells us that Dragon, with probable reserves of 4 trillion cubic feet [Tf3], ends before the border," Venezuela's state oil firm PDVSA director Eulogio del Pino was quoted as saying.

The official also said another major deposit, Hibiscus, begins in Trinidadian territory but "extends a little into the Venezuelan side."

PDVSA has already notified Trinidad & Tobago of the need for the two countries to develop Hibiscus jointly.

Trinidad & Tobago and Venezuela signed a memorandum of understanding in 2003 to develop jointly certain natural gas deposits that extend into the national waters of both countries. Del Pino did not say when the final agreement would be signed.

Venezuela is currently producing 7 billion cubic feet a day (Bf3/d) of gas but has said it needs to produce at least 11Bf3/d in the short term.

The country has total reserves - proven, probable, possible plus resources - of 426Tf3, the world's fourth largest.

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