Ecuador and Venezuela on Friday started their joint exploration for natural gas in the Gulf of Guayaquil, a large body of water in the Pacific Ocean in western South America.
The exploration, which is expected to last 90 days, will be done by Venezuela's state-owned oil firm Petroleos de Venezuela (PDVSA), said the company's Ecuadorian counterpart Petroecuador.
Under a plan, the PDVSA will drill a well of 3 km in depth in Puna Island, which is off the coast of southern Ecuador at the head of the Gulf of Guayaquil.
The investment for the exploration, totaling 32 million U.S. dollars, will be covered by the PDVSA, which has a strategic alliance with Petroecuador in hydrocarbon projects in both countries.
Petroecuador said oil might also be found during the exploration as seismic research indicates.
Source: Xinhua
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