News // Oil and gas worldwide
O&G Treaty Between Venezuela and Trinidad
29 January 2009 , 12:37761
The deal provides a legal framework under which any deposit alongside the border of both nations will be drilled as one single unit.
The agreement was entered into in Caracas on March 20th, 2007, by Venezuelan President Hugo Chávez and Trinidad and Tobago Prime Minister Patrick Manning.
The instrument also provides for the assessment and distribution of onsite oil and gas volumes and the procedure to allot costs and benefits to Venezuela and Trinidad.
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