Petroecuador Company News

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Former PDVSA Trader Charged in US Graft Crackdown
A former PDVSA trader was charged with receiving bribes as part of an expansive investigation into traders paying for access to South American oil markets.
8:00 PM EST | September 23, 2020
Feds Indict Former Oil Trader in Ecuador Bribery Probe
A former manager at the world's largest independent oil-trading firm, was indicted for allegedly bribing Ecuadorian government officials to get business for his firm with state-owned Petroecuador.
8:00 PM EST | September 22, 2020
Ecuador Postpones Esmeraldas Refinery Maintenance Until March
The outage had originally been scheduled to start in mid-August and last 54 days.
8:00 PM EST | August 20, 2018
Ecuador to Offer Oil Blocks Under New Bidding Terms in Jan
The new terms will allow producers to be paid in oil and enable them to export or sell the barrels to local refineries, said Carlos Perez at a conference at Rice University in Houston on Friday.
8:00 PM EST | October 05, 2017
Kemp: Oil Price War Inflicts Collateral Damage in Latin America
Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers.
7:00 PM EST | February 08, 2015
Ecuador's Petroamazonas Seeks Partners to Boost Oil Output
Petroamazonas, a division of Ecuador's state-run oil company, says it is seeking to partner with companies that can help it boost production and increase reserves at 16 of Ecuador's oil fields.
8:00 PM EST | September 25, 2013
Petroamazonas, Petroecuador to Merge Upstream Operation Soon
Petroamazonas has started to take over the E&P activities as well as the natural gas operations of Petroecuador, the country's deputy minister of hydrocarbons Ramiro Cazar said.
7:00 PM EST | November 14, 2012
Ecuador, Venezuela Plan Joint Oil & Gas Exploration
Petroecuador plans to establish in the coming months an alliance with its Venezuelan counterpart, PdVSA, to explore for O&G in Venezuela, said Petroecuador General Manager Marco Calvopina.
8:00 PM EST | April 03, 2012
Petroecuador Aims to Produce 60M Barrels in 2012
Petroecuador expects to produce 60 million barrels of oil in 2012, the Ecuadorian state-owned oil company's general manager says during a press conference.
7:00 PM EST | December 27, 2011
Petroecuador, PdVSA to Invest $1.27B in Sacha Oil Field
Rio Napo, a JV of Petroecuador and PdVSA will invest about $1.27B in the Sacha oil field during the next 15 years, said Petroecuador's GM Marco Calvopina.
8:00 PM EST | October 31, 2011
Petroecuador Sees Ecuador Producing 181M Barrels Of Oil in 2011
Petroecuador said it expects Ecuador to produce 181 million barrels of oil in 2011, up 7.7% from 168 million barrels produced in 2010.
7:00 PM EST | December 28, 2010
Venezuela, Ecuador Exploring for Gas in Gulf of Guayaquil
Venezuela and Ecuador's state energy firms are exploring a test well in Ecuador's Gulf of Guayaquil, with expectations of finding up to 1.3 trillion cubic feet of natural gas.
8:00 PM EST | October 07, 2009
Ecuador's Petroamazonas to Develop Four Oil Fields in '09
Ecuadorian state-owned Petroamazonas plans to develop four oil blocks this year, and will drill around 14 wells in Panacocha field, which is expected to produce up to 25,000 barrels per day.
8:00 PM EST | March 30, 2009
Ecuador Seeks $280MM Line of Credit from Iran for Oil Projects
Ecuador plans to seek a $280 million line of credit from Iran to finance pipeline and other oil-sector related projects.
7:00 PM EST | January 07, 2009
SCAN Inks 2D Seismic Acquisition Deal for Offshore Ecuador
SCAN signed a contract with an affiliate of Petroecuador for 2D seismic services offshore Ecuador in support of the government's plan to develop its hydrocarbon prospects.
7:00 PM EST | December 15, 2008
SCAN to Conduct 2D Seismic Program Offshore Ecuador
SCAN has received a LOA from an affiliate of Petroecuador to acquire a major 2D seismic program offshore Ecuador in support of the government's plan to develop hydrocarbon prospects in the region.
7:00 PM EST | November 09, 2008
Ecuador to Receive 60% of Oil Produced By Petrobras' Block 18
Ecuador will receive an average of 60% of oil production for block 18, operated by Petrobras, up from the current 51%. Petrobras currently produces about 32,000 barrels of oil a day from block 18.
8:00 PM EST | October 19, 2008
Ecuador to Sign 30-Year Contract with Ivanhoe for Pungarayacu Field
Petroecuador and Ivanhoe Energy Ecuador, the local unit of Canada's Ivanhoe Energy, on Wednesday will sign a 30-year service contract to develop the Pungarayacu oil field.
8:00 PM EST | October 07, 2008
Ecuador, Venezuela, Chile Plan to Explore Ayacucho Oil Field
The state-run oil companies of Ecuador, Venezuela and Chile plan to establish a joint venture to explore oil in the Ayacucho 1 oil field, in Venezuela's Orinoco Belt, Ecuador Mines and Oil Minister Galo Chiriboga said Wednesday.
8:00 PM EST | August 26, 2008
Wood Group Elects Blum as Ecuador General Manager
Wood Group ESP has appointed Carlos Blum as Ecuador general manager. Blum will oversee the day-to-day operations of Wood Group ESP business in Ecuador and be responsible for maintaining its growth over time.
8:00 PM EST | August 11, 2008
Chevron Advertisement Criticizes Goldman Ecuadorian Award Winners
An honest conversation about the environmental problems in the Ecuadorian Amazon region is long overdue.
8:00 PM EST | April 14, 2008
Ecuador Eyes Temporary Oil Contracts
Ecuador's left-leaning president is seeking to increase state control of oil under the country's new constitution.
8:00 PM EST | April 13, 2008
Ecuador Court Expert Recommends Chevron Pay $8.3B to $16B
Chevron is facing a lawsuit in Ecuador for Texaco's alleged contamination of Lago Agrio. The judge presiding over the case can choose to accept or reject partially or fully the findings of the report. Chevron denies the allegations.
8:00 PM EST | April 01, 2008
Petroecuador Eyes April Ivanhoe Deal To Develop Oil Field
Petroecuador wants to sign in April an agreement with Canada's Ivanhoe Energy to develop and exploit the Pungarayacu oil field, Petroecuador President Fernando Zurita said Friday at a press conference.
7:00 PM EST | March 06, 2008
Venezuela's War Talk Suggests More Trouble For Andean Oil
Venezuela's President Hugo Chavez raised the possibility of a war between Andean neighbors Sunday in a heightening of political tensions that may spell trouble for the oil industries of two OPEC member nations.
7:00 PM EST | March 02, 2008
Ecuador Plans to Nix Exploitation of 1B Bbl Oil Deposit
Ecuador will seek allies from within the Organization of Petroleum Exporting Countries for a proposal to not develop what is believed to be its largest oil deposit.
7:00 PM EST | March 02, 2008
Ecuador Oil Minister: Force Majeure Ends, Oil Production Resumes
Ecuador Oil Minister Galo Chiriboga announced March 3 that the country has ended the force majeure on oil exports and resumed production.
7:00 PM EST | March 02, 2008
Ecuador: Exports Won't be Affected by Rupture, Declaring Force Majeure
According to Chiriboga, there are at least 80 meters of the SOTE pipeline affected by the landslide and around 4,000 barrels of crude have spilled.
7:00 PM EST | February 28, 2008
Ecuador's Dec Oil Export Revenue Up 69% at $827.82 Million
In terms of volume, Ecuador exported 10.72 million barrels in the December, slightly more than the 10.68 million barrels shipped one year earlier.
7:00 PM EST | February 27, 2008
Ecuador Reaches Agreements for 6 Out of 14 Oil Contracts
After a military ceremony, Chiriboga told reporters that those agreements are with four of the five companies involved in the negotiations to modify their contracts.
7:00 PM EST | February 26, 2008
Nationalization Bug Prepares to Bite in Ecuador
Ecuador could arrive at an agreement with U.S-owned City Oriente to end its contract to produce crude oil in the Andean nation, Ecuador's Energy Minister Galo Chiriboga said Monday.
7:00 PM EST | February 24, 2008
Venezuelan Drill Starts Operations in Ecuador
The first Venezuelan 2,000 HP CPV-16 drill which arrived in Ecuador on December 24th, 2007, started operations in the Guanta 19 oil well located in Lago Agrio, an Amazonian province of Sucumbios, 180 kilometers northeast of Quito.
7:00 PM EST | February 24, 2008
Ecuador Pinches Big Oil: 45 Days to Pay Up or Get Out
Ecuador President Rafael Correa told oil companies operating in Ecuador they had three choices: sign agreements with the State for services, cough up 99% of surplus income from commercialization of oil, or end all operations in Ecuador.
7:00 PM EST | January 27, 2008
Venezuela Oil Min: No Need For OPEC to Raise Output
Venezuelan Energy Minister Rafael Ramirez says that there is no need for OPEC to raise its production, warning "the time of cheap oil is over."
7:00 PM EST | January 06, 2008
Ecuador Gov't Removes Petroecuador Chief Carlos Pareja
President Rafael Correa has removed Carlos Pareja as president of state-owned oil company Petroecuador, replacing him with Fernando Zurita, Energy and Mines Minister Galo Chiriboga said Thursday.
7:00 PM EST | November 28, 2007
Committee Greenlights Marginal Fields Contract Talks
Ecuadorian state oil company Petroecuador's special tenders committee has authorized negotiations to proceed with the highest-ranked bidders for marginal oilfields.
8:00 PM EST | September 23, 2007
Petroecuador to Launch Offshore Gas E&P Bidding in 2008
Ecuador's state oil company Petroecuador early next year will launch bidding for natural gas E&P in the gulf of Guayaquil, the energy and mines ministry and presidential websites reported.
8:00 PM EST | September 13, 2007
Ecuador to Begin Oil Contract Renegotiations
Ecuador's government plans to start renegotiating oil contracts, the energy and mines ministry said in a statement.
8:00 PM EST | September 12, 2007
Official: Govt Asks IDB to Approve Petroecuador Loan This Year
Ecuador's government has asked IDB to approve this year a US$285mn performance-driven loan to support state oil company Petroecuador's US $913 million multi-year investment program.
8:00 PM EST | August 28, 2007
Hydrocarbons Group: New Minister Open to Dialogue
Ecuador's new mines and oil minister Galo Chiriboga is open to sitting down and talking to international oil companies one by one, Rene Ortiz-Duran, executive president of Ecuador's hydrocarbons industry association said.
8:00 PM EST | August 20, 2007
Petroecuador to Develop Panacocha
The political board of Ecuador's Petroecuador has decided the state oil company will be in charge of production and development of the Panacocha field through its block 15 unit.
8:00 PM EST | August 19, 2007
PDVSA, Petroecuador Pen MoU on Sacha Mature Field
Venezuela's state oil company PDVSA and its Ecuadorian counterpart Petroecuador have signed an MOU to optimize production at the latter country's Sacha mature oilfield, Ecuador's President Rafael Correa said during a press conference.
8:00 PM EST | August 12, 2007
Panacocha Could Enter Production Next Year
Ecuador's Panacocha oilfield could start production next year, an E&P official with Petroproduccion, a subsidiary of state oil company Petroecuador, told BNamericas.
8:00 PM EST | August 02, 2007
Ecuador to Appeal UK Court's Oxy Ruling
Ecuador's government will contest a UK appeals court ruling in favor of US oil company Occidental that would oblige Ecuador to refund the company US$75mn of value added tax, the South American country's attorney general said in a statement.
8:00 PM EST | July 05, 2007
Petroecuador to Foot 30% of Panacocha Project
Ecuador's state oil company Petroecuador will finance 30% of a project to develop the Panacocha field, the company said in a statement.
8:00 PM EST | July 01, 2007
Petroecuador, Pertamina Sign Deal on Ecuador Oil Projects
Petroecuador has signed an agreement with Indonesian state-oil firm Pertamina on several projects to boost oil production in Ecuador.
8:00 PM EST | July 01, 2007
Petroecuador Advances Panacocha, Amazon Projects
Ecuador's state oil company Petroecuador is taking steps to advance projects to develop the Panacocha field and to produce oil in Amazon blocks.
8:00 PM EST | June 13, 2007
Petroecuador Output Back to Pre-May Levels
Output from fields directly operated by Ecuador's state oil company Petroecuador in recent days have exceeded an average of 170,000b/d, the company said in a statement.
8:00 PM EST | June 10, 2007
Ecuador to Examine Oil Contracts This Month
A report examining oil contracts between private companies and the state, aimed at allowing the government to eventually obtain a higher share of crude production, is expected this month, the deputy minister of energy said Thursday in an interview.
8:00 PM EST | June 06, 2007
Petroecuador, CNPC Ink Strategic Alliance
Ecuador's state oil company Petroecuador and its Chinese counterpart CNPC have signed a strategic alliance agreement to develop joint hydrocarbons activities.
8:00 PM EST | June 05, 2007