UPDATE:Angola Signs Letter Of Intent To Develop Ecuador Oil
(Adds details.)
LONDON -(Dow Jones)- Angola Thursday signed a letter of intent with Ecuador to
explore and produce oil and gas in the Latin American nation, Ecuador's Oil
Ministry said in a statement late Thursday.
The letter was signed in Quito by visiting Angolan Oil Minister Jose Botelho
de Vasconcelos and his Ecuadorian counterpart, Germanico Pinto.
The statement didn't specify what acreage or investment amount was covered by
the letter of intent. However, Ecuador has previously said Angola is interested
in three blocks and wants to invest between $1.5 billion and $3 billion in
different areas, included oil and energy.
The ministry's statement said the investment activities would be undertaken by
Angola's national oil company Sonangol "at the responsibility and risk for the
company."
The letter of intent is part of a push by Ecuador to increase ties with state-
owned oil concerns after tightened investment rules led to tensions with some
private oil companies.
In September, the South American nation signed a joint-venture agreement with
Petroleos de Venezuela SA to operate the Sacha oil field, in the Amazonas
region.
Ecuador also has preliminary cooperation agreements with Iran and Indonesia.
The five-year prospective agreement signed with Angola also includes
training-exchange programs in areas such as exploration, production,
environmental management, legal regulations and dispute resolution.
Ecuador is to be replace Angola on Jan. 1 as the president of the Organization
of Petroleum Exporting Countries.
By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@
dowjones.com
(END) Dow Jones Newswires
11-06-090731ET
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