  |
PDVSA to buy 65.000 barrels per day from PetroEcuador from ex-OXY fields
Petroleumworld
MARACAIBO
Petroleumworld.com 06 30 06
Venezuelan Minister of Energy and Petroleum Rafael Ramírez will arrive in Quito on Thursday to enter into two agreements for the purpose of swapping crude for products, Rafael ramirez, Venezuela's oil minister said to petroleumworld on Wednesday. the agreement along with Petroecuador acting CEO Walter López.Venezuela's oil company PDVSA is to buy 65.000 barrels per day ( bpd) of Napo crude crude from Petrocuador Block 15, formerly operated by Oxy and will return 45.000 bpd in products ( fuel oil, gasoline and other distillates)
With the deals Petroecuador will save USD 200 million.
Also, the agreements provides for the establishment of a strategic alliance, whereby PDVSA will take part in streamlining of Esmeraldas refinery and other projects.
Energy and Mines Minister Ivan Rodriguez reported Monday that production in Block 15 again topped 100,000 barrels per day (bpd), making a comeback from the 97,000 bpd to which it had slipped in recent days.
Petroecuador took control of the oil fields formerly operated by Oxy in May, after contract was rescinded on the grounds that the U.S. company had violated its terms by transferring without government authorization 40 percent of its shares to the Canadian company EnCana, which since last February has belonged to the Chinese consortium Andes Petroleum.
Oil is Ecuador's chief export product, the Andean nation's total daily oil output is 530,000 barrels per day.
Petroleumworld 29 06 06
Copyright ©2006 Petroleumworld. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels