Trinidad and Venezuela to hold talks on shared gas field

The governments of Trinidad and Venezuela will hold talks on how to divide offshore natural gas fields that U.S.-based Chevron Corp. seeks to develop, officials said.

Offshore staff

(Trinidad)- The governments of Trinidad and Venezuela will hold talks on how to divide offshore natural gas fields that U.S.-based Chevron Corp. seeks to develop, officials said.

"We need the commitment of both governments and clarity around the terms under which we can develop," said Chevron Corp. CEO David J. O'Reilly. "These (fields) can be developed to the mutual benefit of both countries."

O'Reilly stressed that cooperation between the two nations is needed before Chevron can extract natural gas from the Manatee and Loran fields in the southern Caribbean Sea.

O'Reilly made these comments at a joint news conference with Trinidadian Prime Minister Patrick Manning recently. Manning announced the planned talks, although he did not announce a specific date for 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.

02/16/2006

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