Rompetrol - CNPC project in Ecuador

Rompetrol Group through its Lumbaqui Oil subsidiary closed a deal with China National Petroleum Corp. (CNPC), which stipulates joint operation of the oil production of the Romanian company in Ecuador. The deal covers the perimeter known as Block 11, which takes up 200,000 hectares, a spokesperson for CNPC Amazonas, the Ecuadorian branch of the Chinese company, was quoted as saying by Dow Jones. Block 11 yields about 1,000 barrels of oil a day, but it may actually yield up to 10,000 a day. The deposit is sure to contain 17 million barrels of oil. Rompetrol signed the sale-purchase contract for Block 11 in the Oriente perimeter in 2001. A formal endorsement of the deal is expected from the local Energy Ministry this month, following the release of a favourable report by state-run Petroecuador. CNPC, the largest oil company in Asia is interested to buy other interests in Ecuador, as well, with its potential business partners including AEC Ecuador Ltda., Canadian Encana subsidiary, and Petrobras Ecuador, the local branch of the Brazil-based Petrobras. ZF