Publication date:
December 9, 2023
Venezuela prods BP, Chevron to revive gas project near Trinidad, Guyana
Venezuela pushes major oil firms to reactivate a stalled offshore gas project amid territorial disputes and vast untapped reserves.
Gas
Venezuela is urging major oil companies BP, Chevron, and Shell to restart an offshore gas project near its maritime borders with Trinidad, Tobago, and Guyana. The project, known as Plataforma Deltana, has significant gas reserves, estimated at about 8 trillion cubic feet. However, development has been stalled due to insufficient capital, incomplete sharing agreements with Trinidad and Tobago, and unclear investment rules. Chevron had previously completed exploration in the area, certifying 7.3 trillion cubic feet of recoverable gas, but production never commenced. The renewed interest in reviving this project is part of Venezuela's broader strategy to leverage its natural gas reserves and comes amidst a territorial dispute with Guyana. This dispute, currently under consideration at the International Court of Justice, adds a layer of complexity to the project's resumption.