Oil Company to invest 4.9 billion in Ecuador to increase oil production

Posted on December 16, 2015 • Filed under: Business, Economy, Ecuador, Oil

(Prensa Latina) The multinational French Oil company Schlumberger will invest 4.9 billion dollars to increase crude production in a bloc operated by state company Petroecuador, reporte dan official source.
In a communique of the Republicâ�Ös Vicepresidency, the agreement signed in presence of Vicepresident Jorge Glas, states that in order to achieve that target, the foreign company will apply the highest operational standards, advanced sustainable technologies, highly qualified personnel and processes of world reference.

As part of the commitment, the Ecuadorian subsidiary of Schlumberger will pay over the next few days one billion dollars to develop the new investment.

Additionally, during the nine first months of the contract, the oil company will invest at its own risk another 2.1 billion dollars to optimize and increase the production of Block 61 (CAPEX), which will allow an increase in production of up to 20 thousand barrels per day, added the text.

The multinational, whose presence in Ecuador goes back to 1934, will also assume 1.8 billion of operational costs of the mentioned oil block, whose property will keep being in the hands of Petroamazonas. Read Article

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