Trinidad and Venezuela have signed a deal to jointly explore a natural gas block bordering the two countries.

Trinidad Energy Minister Carolyn Seepersad Bachan said the two energy-rich nations agreed to work together to collect ten trillion cubic feet of natural gas for commercial use.

Bachan signed the pact with Venezuelan Oil Minister Rafael Ramirez on 16 August 2010, reports businessweek.com.

The Loran-Manatee block is located in the Gulf of Paria, offshore Trinidad’s south-west coast and Venezuela’s east coast.

According to the agreement Trinidad will get 27% of the natural gas captured from the block while Venezuela will take the remainder.