Ecuador, Venezuela, Chile Plan to Explore Ayacucho Oil Field

Orinoco Heavy Oil Belt
(Click to Enlarge)

Petroleos de Venezuela S.A.
(Click to Enlarge)

QUITO (Dow Jones Newswires), August 27, 2008

The state-run oil companies of Ecuador, Venezuela and Chile plan to establish a joint venture to explore oil in the Ayacucho 1 oil field, in Venezuela's Orinoco Belt, Ecuador Mines and Oil Minister Galo Chiriboga said Wednesday.

In a press release, Chiriboga said this will be the first stage in helping make Petroecuador a more international company.

On Friday in Caracas, Petroecuador and Petroleos de Venezuela SA, or PdVSA, will sign preliminary accords, the statement said.

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

Chiriboga also said Ecuador plans to establish another joint venture with Enap to explore natural gas in Chile.

Copyright (c) 2008 Dow Jones & Company, Inc.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Field Maintenance Controls Technician
Expertise: Maintenance Technician|Rig Mechanic
Location: Eighty Four, PA
Maintenance Supervisor - Drilling
Expertise: Maintenance Manager|Rig Mechanic
Location: Eighty Four, PA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours