Upon the approval of the presidents attending the multilateral meeting, Mr Chavez entrusted the ministers of energy of member states with the execution of a preliminary study.
A national company is expected to be responsible for the block and the extracted oil would be exported to Petrocaribe’s refining and distribution centers in Jamaica, Cuba and Dominica, among other countries, to meet the demand for crude oil and byproducts in the Caribbean and Central America.
Mr Chavez also said that those countries without experience in the energy field could send young students to Venezuela for training in order to organize their own state oil companies.
Mr Chavez said: In this way, supply for 50 years would be secured, because in each block, reserves are estimated at 10 billion to 20 billion barrels of crude oil.
