OREANDA-NEWS. Roman Panov, Chief Executive Officer of Rosgeologia, has held a working meeting with Oswaldo Madrid Barrezueta, General Manager of Ecuador's state-run company Petroamazonas EP, in Quito, Ecuador.

Rosgeologia's subsidiary Sevmorgeo is currently conducting seismic surveys off Ecuador's Pacific coast in the Gulf of Guayaquil on order of Petroamazonas EP for the Ecuadorean side. Sevmorgeo is currently acquiring 3D/4C seismic data.

Panov's talks with the Petroamazonas EP leadership focused on progress under current contracts and the Russian company's operations in Ecuador. The sides were in general positive about the scope of the geological data and compliance with the action plan passed this July, and exchanged views on continued cooperation in geological exploration in the region. At its earlier meeting, the Strategic Cooperation Working Group of the Russian-Ecuadorean Commission on Trade and Economic Cooperation had already discussed Rosgeologia's possible involvement in preparing and implementing a geological survey and mapping programme for Ecuador.

"Exposure to the Latin American market is vital for us", Panov commented after the meeting. "Rosgeologia is looking to increase its orders in the region by expanding into international projects. We can see prospects here and dependable partners among major companies, such as Petroamazonas. In terms of geological exploration, much has yet to be done on the continent, both off- and onshore."