Chevron has been granted a licence by Venezuela to extract natural gas from a seven trillion cubic feet field off the Orinoco delta.
According to the Government of Venezuela, Chevron and state-run Petróleos de Venezuela SA (PDVSA) have found enough gas to extract from the Plataforma Deltana field since an exploration deal was signed in 2003, reports Reuters.
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The exploration deal between PDVSA and Chevron for block 2 was signed in 2003 while exploration in the block was completed in 2007.
In October 2009, PDVSA acquired Conoco Phillips’ stake in block 2 and increased its own share to 61%. The remaining stake is owned by Chevron.
First production from the block is expected in 2013.
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