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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.

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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By GlobalData