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Ecuador state oil company to operate in Venezuela

 

QUITO
Petroleumworld.com, Aug 28, 2008

The state-run oil companies of Ecuador and Chile are signing up to explore for oil in the crude-rich Orinoco Belt of Venezuela.

Ecuador's oil minister says Petroecuador will sign accords on Friday with its Chilean and Venezuelan counterparts to formalize the joint venture.

Galo Chiriboga says the explorations are planned in Orinoco's Ayacucho block, which he says reportedly holds "14 billion barrels of crude."

Chiriboga said Wednesday that Venezuela will hold the majority of shares in the venture created by Petroecuador, Petroleos de Venezuela SA and Chile's National Petroleum Company.

 
 

Story  from AP
AP 27 08 08

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