Weekly Report - 25 July 2006

TRINIDAD & TOBAGO | Joint oil development agreement with Caracas. The foreign ministry of Trinidad & Tobago announced on 19 July that an agreement will soon be signed with Venezuela on jointly developing oil deposits which straddle their common maritime boundaries. The draft agreement was recently completed by the bilateral steering committee and is now being considered by the energy ministries. It envisages sharing costs and benefits and includes a provision on local content.