Petroecuador, Pertamina sign upstream agreement

Petroecuador subsidiary Petroproduccion and PT Pertamina signed an agreement calling for a joint study of the possible development of oil exploration and production projects in Ecuador.

Under the terms of agreement, the two state owned companies will conduct a study to determine the viability of petroleum operations in Ecuador's southeastern Amazon region, Ecuador?s Mining and Petroleum Ministry said Tuesday, adding that the goal of the agreement was to expand the Andean nation's oil reserves.

The agreement was signed yesterday, an EFE news report said.

Ecuador now produces some 510,000 barrels per day of crude, with some 55 percent of that production coming from Petroecuador and the rest from about a dozen foreign companies. (*)