(OET) Ecuador’s state-owned oil player EP Petroecuador is inviting investors to participate in a tender process for an offshore natural gas field located in the Gulf of Guayaquil. This is being undertaken to ramp up the production of natural gas from the field in a bid to meet the growing energy demand. With the rising... Continue Reading →
(OE) Eight Amazon rainforest nations are expected to face divisions over proposals to block new oil drilling and end deforestation when they meet on Tuesday for their first summit in 14 years. The meeting of the Amazon Cooperation Treaty Organization (ACTO) gathers heads of state from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname and Venezuela... Continue Reading →
The board of directors of Ecuador's state-owned oil company Petroecuador on Tuesday named Ramon Correa, an engineer, as general manager following recent management changes in the wake of a corruption investigation. Correa replaces Maria Elisa Soledispa, who was appointed the interim head of Petroecuador following the resignation of former chief Hugo Aguiar, who stepped down after his... Continue Reading →
(Reuters) Ecuador will need to revise down its daily crude oil production target by some 40,000 barrels, equivalent to about 8%, its oil minister said, after state-run company, Petroecuador declared force majeure on three more oil blocks on Tuesday because of protests. Petroecuador had already declared force majeure on another block over the weekend, also... Continue Reading →
(Reuters) - Ecuador's state oil company Petroecuador said on Friday that union workers had ended a three-day protest in Quito after reaching an agreement with the government over improved salaries. The company's workers began the protest on Wednesday to demand compliance with a judicial ruling that required workers' salaries to be brought in line with one another.... Continue Reading →
(Reuters) - Ecuador's attorney general has detained seven people, including former officials, as part of an investigation into suspected corruption in state oil company Petroecuador, it said on Tuesday. Prosecutors carried out raids across several cities at the same time, with targets including Petroecuador's offices in capital Quito, after receiving information from authorities in the... Continue Reading →
(Reuters) - Petroecuador expects to soon award a contract to expand production from the country's vast Amistad offshore gas field, Ecuadorean state oil firm company said late on Thursday. Following failed previous attempts to find an investor, Petroecuador in June launched a new competitive process to select a contractor for Amistad, in the Gulf of... Continue Reading →
(Reuters) Ecuador is planning to offer, most likely in 2024, blocks for offshore exploration and production of natural gas at the Gulf of Guayaquil, following auctions for onshore areas to be completed next year, Energy Minister Xavier Vera said on Monday. Vera expects to greenlight a proposal in the coming months once blocks are defined... Continue Reading →
(WO) From Saudi Arabia to West Texas, drillers are pumping more oil to cash in on a scorching price rally. But a region that’s home to a fifth of the world’s crude reserves is mostly missing out. All over Latin America, the upside of $100 crude has been blunted by nationalist policies that tightened government control of... Continue Reading →
(Reuters) - Ecuadoran state oil company Petroecuador has asked global commodities trader Trafigura to stop importing Russian diesel in an effort to comply with sanctions targeting Russia's energy exports, Petroecuador said in a statement late on Sunday. Petroecuador's public warning to Trafigura follows European Union and United States sanctions imposed on Russian energy supplies after... Continue Reading →
