QUITO, Jan. 26 -- A Chinese-owned consortium has signed two contracts with the Ecuadorian government to explore two oil blocks in the southern province of Pastaza.
The contracts with Andes Petroleum marked the start of oil exploration in Ecuador's southeastern region and showed foreign investors' trust in the Ecuadorian government, Ecuadoran Minister of Hydrocarbons Carlos Pareja said on Tuesday.
"It sends a message that our country is building up confidence and that companies want to come and invest here despite the low international oil prices," said Pareja.
Andes Petroleum was set up in 2006 with shareholder capital from China National Petroleum Corporation (CNPC) and China Petroleum &Chemical Corporation (SINOPEC).
Zhao Xinjun, president of Andes Petroleum Ecuador, said the consortium has invested around 3.5 billion U.S. dollars in the South American country to date, with cutting-edge technologies and full respect for the country's environmental regulations.
With oil as its main export, Ecuador currently produces around 540,000 barrels of oil per day.
A foreign girl explains what China should be proud of
Chinese navy's air-cushioned landing craft in pictures
Chinese pole dancing master opens class in Tianjin
PLA holds joint air-ground military drill
Charming female soldiers on Xisha Islands
Beautiful skiers wear shorts in snow
Getting close to the crew on China's aircraft carrier
Chinese stewardess celebrate test flight at Nansha Islands
Pentagonal Mart becomes the largest vacant building in Shanghai
Top 20 hottest women in the world in 2014
Top 10 hardest languages to learn
10 Chinese female stars with most beautiful faces
China’s Top 10 Unique Bridges, Highways and Roads
Online crusade
Choi Sung-kook the king of stickers
PLA art troupes shrink under military restructuring
Bridging the gap between cultures over the holidayDay|Week
