MercoPress. South Atlantic News Agency

Chile/Ecuador agree to explore for gas in Gulf of Guayaquil

Chile and Ecuador will join in exploring for oil in the Gulf of Guayaquil, visiting Ecuadorian President Rafael Correa said Monday in Santiago.

"We want to share the existing resources with friendly countries and with government owned companies," Correa told a joint press conference with Chilean President Michelle Bachelet. No details on the plan were immediately made public, but Chile's Mining Ministry said in a communiqué that work will be carried out jointly by Chile's state oil company ENAP and Petroecuador. Chile is desperately short of energy, aggravated by what has been described as the worst drought in half a century that has left the country's dams and reservoirs with insufficient water supply plus the recurrent consequences of the Argentine gas dependency. President Correa emphasized the significance of ENAP decision to explore and exploit natural gas offshore Ecuador "which will obviously benefit Ecuador, but also Chile, helping the country to ensure more energy resources". ENAP plays a crucial role in Chile's energy efforts since the country is forced to import almost all of its fuel consumption and is also investing heavily in breaking off the Argentine gas dependency. ENAP operates oil and gas deposits in south Chile but also overseas, among which Egypt where it has discovered significant reserves. Arriving in Chile early Monday, Correa said he wants to restore diplomatic relations with Colombia but made clear that will take time, despite the recent agreement that resolved the crisis triggered by a Colombian military attack on guerrillas in Ecuadorian territory. "One thing is restoring diplomatic relations and another thing trusting a person who did not act in an adequate manner" Correa said, referring to Colombian President Alvaro Uribe. "The important thing is that for the sake of the Colombian people, for the sake of the Ecuadorian people, we manage to restore those relations as soon as possible," the Ecuadorian leader added