Alexandra Valencia - Ecuador says clinches new payment deal with Schlumberger
Petroleumworld 07 31 2017
Ecuador said on Thursday it had successfully negotiated a payment plan with Schlumberger , although it did not specify if the deal included reimbursement for roughly $850 million owed to the oil service company.
Ecuador's economy has struggled since the 2014 collapse of oil prices and a devastating earthquake last year that killed some 670 people and cost an estimated $3 billion.
The smallest member of OPEC has built up debts for oilfield services that Schlumberger has described as causing "considerable financial stress."
Schlumberger did not immediately respond to a request for comment.
Ecuador said it had reached a deal to index contracts to international crude prices to better reflect market conditions and spur investments.
"As part of the renegotiation, new investments from the contractor for $1.008 billion were also agreed on," the Hydrocarbons Ministry said in a statement.
Ecuador said it had also reached a deal with Argentina's Tecpetrol.
Reporting by Alexandra Valencia; Writing by Alexandra Ulmer from Reuters.
07 28 2017
We invite all our readers to share with us
their views and comments about this article.
Write to email@example.com
By using this link, you agree to allow PW
to publish your comments on our letters page.
Any question or suggestions,
please write to: firstname.lastname@example.org
Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels