Minister Expects Final Bilateral Loran Deal This Year

Venezuela aims to finalize an agreement with Trinidad & Tobago for the offshore Loran gas deposit this year, the former country's energy and oil minister Rafael Ramirez told BNamericas.

"We are pleased and believe that a final agreement that allows us to continue with full E&P will be reached this year," Ramirez said.

The ministry announced early this week the two countries had agreed to divide the Loran field.

The minister, who also is president of state oil firm PDVSA, said Loran is estimated to hold 10Tf3 (283Bm3) of natural gas, of which 7.3Tf3 belongs to Venezuela.

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.

PDVSA is eager to increase natural gas production beyond the current 7Bf3/d by making the most of its under-explored reserves of an estimated 150Tf3.

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