Loran holds an estimated 10Bf3 (283Mm3) of natural gas, of which 7.3Bf3 belongs to Venezuela, according to the MEP statement.
The deal is part of a 2003 agreement to negotiate ways to divide offshore gas properties in order to avoid conflicts between the two neighbors.
US oil company Chevron (NYSE: CVX) operates Loran as part of its Deltana Platform block 2 project.
The countries also agreed that the Dragon gas field in Caribbean waters does not fall under the bilateral agreement to divide offshore properties, meaning Venezuela can start drilling there when it wants.
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