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Ecuador will sign an agreement with Schlumberger to pay 300 million dollars

The Ecuadorian public company Petroamazonas EP will subscribe this month with the French company Schlumberger an agreement to complete the payment of 300 million dollars pending, which will complete the value owed, reported today the Ministry of Hydrocarbons.

Quito, Nov 15 (EFE) .- The Ecuadorian public company Petroamazonas EP will sign an agreement with the French company Schlumberger this month to complete the payment of 300 million dollars pending, with what will complete the value owed, reported today the Ministry of Hydrocarbons.

Last July, the Ecuadorian Government reached an agreement for the restructuring of a debt that then had pending 850 million dollars with the French oil company.

In a statement, the Ministry said today that after the agreement reached, to date, Petroamazonas EP has paid 550 million dollars of outstanding value with the company, which represents 64.70% of the total amount owed.

He explained that the payments made were: 150 million dollars in cash, 100 million in Central Bank Securities (TBC) and 300 million through a Bond Recognition Agreement (ARD) through the issuance of bonds.

"At the end of November will sign an agreement to complete the payment of USD 300 million, which will complete 100% of the value owed, "he said.

The Ministry indicated in the letter that Petroamazonas EP currently produces 80% of Ecuadorian oil, the average production is 428,000 barrels per day and the cost of production is 16.57 dollars per barrel.

Oil It is one of the main export products of Ecuador and one of its bases for financing the state budget of the Andean country.

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