The future of Venezuela is extra-heavy oil and natural gas.

What the minister has signaled is increased capacity and paying royalty from incremental production.

It's to the benefit of both nations to maximize the value of the resource. I am confident that Venezuela and Trinidad and Tobago will reach an agreement.

The decision is made, but since it's such a big project, it has to go through the formal process. The way the market is for equipment and drilling rigs, we are going to work everything simultaneously.

We're drilling three new wells in offshore Colombia to add capacity.

We're very close to a final decision. In 2008, initial production should start.