Oil and gas integration between Venezuela and Ecuador
President Hugo Chavez has offered his support for a new drilling agreement between Venezuela and its South American counterpart Ecuador.
The scheme, which could benefit the Venezuelan economy, will see oil and gas integration between the two countries, with Venezuela renting out two oil rigs to Ecuador.
Speaking at the inauguration of the first rig, Ecuadorian president Rafael Correa said that Venezuela had offered the rigs and accompanying technicians, including all expenses for maintenance, operations, and administration, at a discounted rate.
Drilling has already begun at the Guanto Dureno well in the province of Lago Agrio, while the second rig is expected to arrive in March.
According to the BBC, Venezuela contains impressive quantities of coal, iron ore, bauxite and gold, as well as some of the world's largest proven oil deposits.
The country spans 340,561 square miles and has a population of around 27.7 million.
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