Venezuela and Ecuador will incorporate Joint Venture Company to optimize production in Sacha Field

abarrelfullabarrelfull wrote on 09 Feb 2014 11:23

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Ecuador’s President Rafael Correa and Venezuelan President Hugo Chávez have carefully examined the portfolio of pending projects between both nations, and have expressed an interest in organizing a joint venture company that will seek to optimize production in the Sacha Field, located in the Ecuadorian Amazonian.

The Ecuadorian President recalled how important it is for his country to materialize this agreement. “We hope the documents for the joint venture company will be signed by the end of this month so that PDVSA can optimize the production of Petroecuador’s Sacha mature field and production can substantially increase.

On the other hand, and with regard to gas, President Correa suggested for the joint venture company to allow PDVSA to begin producing gas in the Guayaquil Gulf. “We must begin that regasification plant as soon as possible, which we will require whether there is or not gas in the gulf, because depending on how much we promote the energy matrix –and we are promoting it a lot– we will need to import natural gas”.

Both Heads of State described the meeting as ideal and productive for the progress of their bilateral agenda. “We, the Presidents and Governments of Ecuador and Venezuela have the strongest political will and decision and we hope that our public servants will respond to the challenge posed by history and will act extraordinarily well and also extraordinarily quick”, insisted President Correa.

Finally, President Correa affirmed that Ecuador and Venezuela must take advantage of the new era to build the Great Motherland that Bolivar dreamt about. “Latin America cannot waste any more time, we have already lost too much time, 500 years, 5 centuries; it is time to make a crucial step based on cooperation, integration and brotherhood aiming at the development we so wish for”

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