Coming together: Petroecuador and PDVSA join to increase output in Sacha field
Petroecuador to get help at Sacha
Ecuador and Venezuela are set to work together to boost output at the Sacha oilfield from 40,000 barrels per day to 70,000 bpd, Ecuador's state-run producer Petroecuador said.
The two countries will sign a 25-year contract to form a joint venture company titled Rio Napo with the aim to "optimise" the management of Sacha, said Jose Ziritt, representative of Ecuadoran President Rafael Correa.
Petroecuador will hold 70% of the new company's shares, while Venezuela's state oil giant PDVSA, 30%, according to Petroecuador.
Jose Shanchez, an advisor to Ecuadoran Minister of Mines and Petroleum Galo Chiriboga, said co-operation with the PDVSA was due to the Venezuelan company's technological advantages needed to boost the oil extraction.
The Sacha field, in Ecuador's Amazonian jungle, has oil reserves of 480 million barrels, said Xinhua News Agency.