Trinidad and Tobago is in advanced negotiations to acquire the gas-rich Loran field from Venezuela.
The Trinidad Express said Energy Minister Stuart Young made the revelation during the recently concluded budget debate in the House of Representatives.
The Loran-Manatee cross-border reservoir was discovered in 1983 and is estimated to contain ten trillion cubic feet (tcf) of natural gas.
Loran, located on Venezuela's side of the border, is said to comprise 7.3 tcf of gas, while Manatee, situated on T&T's side, is estimated to hold 2.7 tcf.
The governments of Trinidad and Tobago and Venezuela executed a unitisation agreement for the exploitation and development of the Loran-Manatee field in August 2010.
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