Chevron has been performing E&P in Deltana Platform for more than two years. The new bilateral deal gives the company the green light to develop gas on the Venezuelan side.
"We already have identified close to 7Bf3/d [198Mm3/d] of gas in block 2, enough to undertake a liquefaction train. In block 3 we are still exploring," the paper quoted Chevron's upstream Latin America president Ali Moshiri as saying.
The new bilateral deal allows for E&P of any hydrocarbons reserves that cross the maritime border between the two countries, with costs and benefits to be divided equally.
Chevron has spent US$20mn on Deltana E&P, he said.
The US company has several other gas and oil E&P projects in Venezuela, including the 100,000b/d Boscan joint venture with state oil firm PDVSA.
In related news, Chevron has granted Venezuelan oil and gas engineering firm Inelectra a contract to design an offshore platform for block 2 E&P, Moshiri said.
Inelectra is doing similar work for Mexican state oil company Pemex through recently inaugurated subsidiary Inelectra North America, based in Monterrey.
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