In the next five years we will most likely spend $1.5 billion to $2 billion in Brazil on development. We will be creating a footprint that is very strong.
What the minister has signaled is increased capacity and paying royalty from incremental production.
This is a normal process. It's like a normal tax audit by the IRS.
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.
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.
We're drilling three new wells in offshore Colombia to add capacity.
With a company like Chevron being in Venezuela for over 60 years, we are committed to Venezuela.
We're very close to a final decision. In 2008, initial production should start.
Our objective is in line with what their objective is. If Venezuela is looking for large increases in production, the silver bullet is the Orinoco.
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