State-run oil holding Petróleos de Venezuela (Pdvsa) and its Ecuadorian counterpart Petroecuador are to execute a R&D agreement to ascertain the amount of new hydrocarbons deposits in Ecuador, official news agency ABN reported.

Pdvsa drilling and development Vice-President Luis Vierma gave the news during an interview with Ecuadorian newspaper La Hora.

Vierma explained that, on the Venezuelan side, the agreement will be signed by a Pdvsa delegation that will head for Ecuador next weekend.

"Based on the outcome, outstanding projects will be established and implemented," said the official.

He added that next Thursday, the ministers of energy of Ecuador, Venezuela and Colombia will meet to discuss the issue of oil exploration and the possible addition of Ecuador to the Transoceanic Gas Pipeline.