Ecuador and Venezuela inaugurate joint oil field at Orinoco

by rahul | August 29, 2008 at 08:49 am | 131 views | add comment | 0 recommendations

Caracas, Venezuela, 28 August, 2008. During the current working visit of Ecuadorian President Rafael Correa to Venezuela, a stronger oil cooperation between PDVSA and Petroecuador has been forged. In addition an as a symbolic gesture, a joint oil field - MFJ-08 - was inaugurated today at the Orinoco Basin to start exploting 150,000 oil barrels per day. Both Presidents, Chavez and Correa, participated in the official ceremony. Both countries have agreed to initiate a join venture to explore at Sancha, Ecuador. President Correa arrived last night in Puerto Ordaz. He is expected to return to Ecuador later today.

Ecuador and Venezuela now have an ideological strategic alliance in South America. They are both members of OPEC.

Sources: VTV, Globovision, RNV, Telesur, YVKE, El Tiempo, El Universo,