Ecuador and Venezuela start joint gas exploration in Gulf of Guayaquil

Jun 27, 2009 02:00 AM

Ecuador and Venezuela started their joint exploration for natural gas in the Gulf of Guayaquil, a large body of water in the Pacific Ocean in western South America.
The exploration, which is expected to last 90 days, will be done by Venezuela's state-owned oil firm Petroleos de Venezuela (PdVSA), said the company's Ecuadorian counterpart PetroEcuador.

Under a plan, the PdVSA will drill a well of 3 km in depth in Puna Island, which is off the coast of southern Ecuador at the head of the Gulf of Guayaquil.
The investment for the exploration, totalling $ 32 mm, will be covered by the PdVSA, which has a strategic alliance with PetroEcuador in hydrocarbon projects in both countries.

PetroEcuador said oil might also be found during the exploration as seismic research indicates.

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