Ecuador Could Renegotiate Two Oil Contracts After 5 Yrs - Report
08 Fevereiro 2012 - 5:09PM
Dow Jones News
Ecuador's Minister of Non Renewable Natural Resources Wilson
Pastor said that contracts signed last week with consortia led by
Schlumberger Ltd. (SLB) and Argentina's Tecpetrol could be
renegotiated in five years.
Ecuador's state-run oil company Petroecuador on Jan. 31 signed
15-year contracts with two consortia, one for the
Shushufindi-Aguarico mature oil field and one for the field at
Libertador-Atacapi, respectively, with an aim of increasing output
and discovering new reserves.
The groups, according to the President Rafael Correa's
administration, will invest about $1.7 billion over the next five
years to increase production at both mature fields.
Pastor was quoted Wednesday in El Comercio newspaper as saying
that if enhanced-recovery techniques are successful after five
years, "the contracts will be renegotiated."
Currently Shushufindi-Aguarico produces 45,153 barrels of crude
oil per day, while Libertador-Atacapi produces 16,200 barrels per
day.
According to the contract for Shushufindi-Aguarico, the state
will pay the consortium $30.62 per barrel of incremental oil
output. The contract for the Libertador field says the consortium
will receive a payment of $39.53 per barrel of incremental output.
The payments are only for additional production, not for current
production.
On Wednesday Pastor also said that he expects to sign contracts
for marginal oil fields in the Amazonas region by the end of this
month or in March.
According to Pastor, the Armadillo, Ocano-Pena Blanca, Singue
and Eno-Ron fields will produce about 15,000 barrels of oil per day
total with an investment of about $300 million, but he didn't
provide more details.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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