PDVSA to Spend $375 Million Offshore Trinidad

PDVSA plans to spend approximately $375 million over the next three years on a natural gas exploration project offshore Trinidad. The company has already spent $32 million during 2001, and will allocate another $158 million in 2002. Drilling in the Plataforma Deltana is expected to start in mid-January. The budget was originally set at $258 million, but due to promising prospects, the company decided to invest more in the project. PDVSA officials have said the amount of natural gas reserves could be as much as 20 trillion cubic feet.