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Maduro signs off on gas agreements with T&T

Saturday, November 25, 2017

Venezuelan President Nicolás Maduro, confirmed the signing of the agreement with T&T for the exploitation of "mineral and gas resources in the Caribbean Sea."

"We have ratified the signing and validity of joint exploitation agreements in joint blocks of Trinidad and Tobago and Venezuela," he said during his participation in the IV Summit of Gas Exporting Countries (FPEG), which takes place in Santa Cruz de la Sierra, in Bolivia.

The Venezuelan president claimed that the signing of the agreement took place amid the threats that exist against the countries that have energy resources, and despite the political, financial and economic attacks to which he claims Venezuela is being subjected to.

"Instead of imposing intrigue and confrontation, peace and shared development are imposed," he said in a Venezuelan state run tv, VTV broadcast.

He also invited all international investors to approach Venezuela.

"We have achieved important investments that enjoy all the legal and constitutional guarantees," he stressed.

Venezuelan Oil Minister Eulogio Del Pino reported on yesterday that Venezuela was fine-tuning the details to sign an agreement with T&T to export gas through the border fields.

"With Trinidad we have been advancing the agreements to export our gas through the border fields, to use idle capacity and to remain there in Trinidad," he said during an FPEG seminar.

Maduro announced that before 2019, Venezuela could be certified as the fifth largest gas reserve in the world.

"Venezuela is moving forward, and I hope that by 2019, we will be completing the process of certification of gas on land and the high seas, which could be the fifth gas reserve on the planet."

At present, the nation has 202 trillion cubic feet of gas and with the certification process it is foreseen to raise the reserves to 460 trillion cubic feet.

Pdvsa plans to executes two ambitious gas exploitation projects: the Mariscal Sucre Project, in the Sucre state, in the east of the country and the Rafael Urdaneta Project, on the western coasts.

The state company plans to export gas to nations such as El Salvador, Panama, Haiti, the Dominican Republic, Colombia, Aruba, Curaçao and Trinidad and Tobago.


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