Trinidad, Venezuela to Discuss Shared Natural Gas Field

PORT-OF-SPAIN Feb.15, 2007 (Dow Jones Newswires)

Trinidad and Tobago and Venezuela will hold talks on how to divide offshore natural gas fields that a U.S.-based oil company seeks to develop, officials said.

Trinidadian Prime Minister Patrick Manning announced the talks in a joint news conference Tuesday with Chevron Corp. (CVX) CEO David J. O'Reilly, who said cooperation between the two nations is needed before Chevron can extract natural gas from the Manatee and Loran fields in the southern Caribbean Sea.

"We need the commitment of both governments and clarity around the terms under which we can develop," O'Reilly said. "These can be developed to the mutual benefit of both countries."

Manning did not announce a date for the discussions with the government of Venezuelan President Hugo Chavez. Previous talks broke off last summer when Venezuela announced its Petrocaribe initiative to supply fuel under preferential terms to nations in the Caribbean, where Trinidad has long been a major supplier.

Copyright (c) 2007 Dow Jones & Company, Inc.

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