Ecuador slow in paying bills due to Schlumberger oil giant, causing financial stress

Posted on March 29, 2017 • Filed under: Business, Ecuador, Oil

By Gary McWilliams and Alexandra Valencia/businessinsider.com

HOUSTON/QUITO, March 28 (Reuters) – OPEC production cuts and economic woes are complicating Schlumberger NV’s efforts to collect $1.1 billion from Ecuador’s state-owned Petroamazonas, casting a cloud over the oil services company’s first-quarter results.

“Continuing payment issues” in Ecuador are hurting earnings, Chief Executive Officer Paal Kibsgaard said in a text of a speech delivered at the Scotia Howard Weil energy conference in New Orleans on Monday.

Earlier this month, Kibsgaard wrote to Ecuadorean President Rafael Correa seeking to resolve an impasse over unpaid bills that he said was causing Schlumberger “considerable financial stress.” Read Article

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