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Ecuador wants to jointly explore, extract gas
QUITO
Petroleumworld.com, Aug 13, 2008Ecuador's oil and mining minister says the country wants to work with Venezuela and Chile to explore for natural gas in the Gulf of Guayaquil.
Galo Chiriboga says Ecuador wants to develop alliances to explore and extract the gas, located 195 miles (310 kilometers) southwest of the capital of Quito.
Chiriboga did not give additional details during an interview Monday with radio Sonorama, but said that he hopes the natural gas can provide Ecuador with an affordable substitute for diesel fuel, which it uses to generate electricity.
He says it could cost Venezuela's PDVSA and Chile's ENAP about $150 million each to explore for gas.
Ecuador is thought to have about 334 million cubic meters of gas, mainly in the Golf of Guayaquil.
Story from AP
AP 12 08 08
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