Petrol companies from Chile, Brazil and Ecuador are negotiating on signing a strategic alliance accord to develop an Ecuadorian petroleum project, an official source said on Tuesday.

The oil field Ispingo-Tambaococha-Tiputini (ITT), with proven reserves of more than 900 million barrels, is Ecuador's most promising petroleum project. A legal study is being conducted for signing a strategic alliance agreement to push forward its development.

The negotiating petroleum firms are Chile's ENAP, the Brazilian company Petrobras and the Ecuadorian Petroecuador.

Ecuadorian Energy Minister Ivan Rodriguez confirmed ENAP's and Petrobras' interest in investing in Ecuador's petroleum sector, eyeing the ITT as an international attraction as new petrol reserves are being searched for commercial exploitation due to the upturn in market prices.

Multinational oil companies from France, the United States and Asia had also arrived at the Petroecuador administration council to seek information on the project and analyze whether it represents an economic opportunity.

Rodriguez said no public bidding process was considered. Instead, he said, there would be a direct negotiation with interested operators.

The ITT, which has been under discussion since 2001, represents 23 percent of Ecuador's total petrol reserves.

Source: Xinhua