Venezuela, Ecuador Sign
Energy Cooperation
Agreements
CARACAS - Venezuelan
President Hugo Chavez
and his Ecuadorian
counterpart Rafael
Correa Friday signed
five energy cooperation
agreements.
Under the agreements,
the two nations will
enhance cooperation in
the prospecting of oil
fields as well as
refinement of heavy and
extra heavy crude.
The two leaders also
signed a memorandum of
understanding on the
design and construction
of a liquefied natural
gas plant in the Gulf of
Guayaquil.
In addition, Venezuela
and Ecuador agreed to
establish a joint
venture in Rio Napo,
Ecuador to exploit the
Sasha oil field, which
will produce between
40,000 and 70,000
barrels of medium crude
per day with reserves of
480 million barrels.
The project will start
with an initial
investment of 440
million U.S. dollars.
Both presidents also
signed a pact on pumping
an oil field in the
Orinoco oil strip
operated by Petroleos de
Venezuela (Pdvsa) and
Petroleos del Ecuador (Petroecuador).
The 55,314-square km
Petroliferous Fringe of
Orinoco includes the
entities of Guarico,
Anzoategui and Monagas
and has an estimated
reserve of 316,000
million barrels.
"This cooperation, which
will create more jobs
and profits for
Petroecuador, conforms
to our national
interests," Ecuadorian
Minister of Mines and
Oil Galo Chiriboga told
reporters.
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