Chinese JV buys Ecuadorian oil and pipeline

Andes Petroleum Corp, a joint venture that includes China National Petroleum Corp, will pay US$1.42 billion for Ecuadorian oil and pipeline assets belonging to Canada-based EnCana Corp, the Wall Street Journal reported. Andes Petroleum will acquire daily oil production of 75,000 barrels and proven reserves of 143 million barrels. The price values each barrel at US$9.96.