Ecuadorian President Alfredo Palacio and his Colombian counterpart Alvaro Uribe met on Tuesday to discuss a possible oil exploration deal in Quito.

The two leaders talked about a proposal for Colombia's state oil company Ecopetrol to explore oil fields which belonged to the U.S. company Occidental Oil.

Ecuadorian Foreign Minister Francisco Carrion told reporters he would listen to the Colombian proposal, but added that Brazil, Peru, Chile, Argentina and Venezuela had all expressed interest in exploring the oil fields.

Colombia's ambassador in Ecuador, Carlos Holguin, told media on Monday that Colombia was interested in investing in Ecuador, and Uribe had suggested that the country work with Ecuadorian partners on several aspects of Ecuadorian petroleum production.

Ecuador's Presidential Ministry office said that Palacio had also held a private meeting with Bolivian President Evo Morales on ways to boost the two nations' trade.

Source: Xinhua