Ecuador’s Petroecuador Delays Negotiation of Oil Fields

Posted on July 7, 2011 • Filed under: Business, Economy, Ecuador, Oil, Politics

ElComercio.com reports on July 6th, that Petroecuador has postponed the negotiations of “mature” oil fields in order to enhance the natural recovery time in the area. This report was broken by Andes news organization, last night. The story says the areas of recovery include the oil fields of Auca, Shushufindi, Cuyabeno, and Libertador that are producing a reported 150,000 barrels per day. However, officials say that after 30 years of exploitation production will decline. Petroecuador hopes to sign contracts this month regarding these oil fields, the article reports. According to ElComercio.com the Minister of Non-Renewable Resources has not confirmed the announcement. Petroecuador has been in processes of negotiation with companies Schlumberger, Baker Hughes, Halliburton and Sertecpet concerning these oil fields. A meeting that will include the managers and sub-managers of Petroecuador will be held in Lago Agrio shortly.Read Article

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