The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Saturday, April 07, 2007

Petrobras and Petroecuador Sign Coop Projects

Brasilia, Apr 4 (Prensa Latina) Petrobras and Petroecuador signed today memos of understanding to act jointly in developing Ecuadorean oil fields as well as biofuels in that South American nation, informed Brazilian company sources.

The memos were signed at the Ecuadorean Embassy in Brasilia by the director of Foreign Operations of Petrobras, Nestor Cervero, representing president Jose Sergio Gabrielli, and the president of Ecuadorean state oil entity, Carlos Pareja Yannuzzelli.

The document says Petroecuador will offer field, environmental, social and economic information on Bloc ITT (which includes the fields of Ishpingo-Tiputini-Tambococha found in 190 hectares in the easternmost part of the Ecuadorean Amazonic Region) and areas of influence.

Meanwhile, Petrobras, the Chilean National Petroleum Enterprise (ENAPP) and the SIPC, subsidiary of the Chinese state enterprise Sinopec, committed to present a joint proposal for the confirmation of reserves, development and production of the ITT bloc.

Also Petrobras and Petroecuador signed a memo of understanding to act jointly in a study of technical, economical and legal viability to develop joint projects in the areas of production and distribution of biofuels in Ecuador.

The project includes possible joint investments of both enterprises, besides the training of Ecuadorean personnel directly related to the activity of biofuels through an exchange of professionals and technical training.

Both accords confirm the interest of both companies in cooperating and developing joint ventures, said in a communique the Brazilian part.

The signing of the documents coincided with the visit to Brazil of Ecuadorean president Rafael Correa, accompanied by the signing of other accords to widen cooperation in the social, energy, labor, agricultural, health, defense, tourism and diplomatic spheres.

Petrobras is present in Ecuador since 1996 in exploration, oil production and transportation by oil pipe activities.

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