August 4, 2016 / 3:37 PM / 2 years ago

Ecuador's Petroamazonas to take over Sacha oilfield

QUITO, Aug 4 (Reuters) - Ecuador’s state oil company Petroamazonas will take over operations at an oil field it had previously shared with Venezuelan producer PDVSA, bringing its control over Ecuador’s crude output to 80 percent, Petroamazonas said on Thursday.

The state producers created joint venture Rio Napo in 2009 to operate Sacha oil field, one of Ecuador’s largest. Rio Napo went into liquidation on Monday.

“The obligations and commitments that the liquidated Operaciones Rio Napo CEM has with contractors, suppliers and communities will be taken over by Petroamazonas EP,” the company said in a statement.

Output at the filed will remain above 72,500 barrels per day (bpd) after the takeover, the company said. Petroamazonas did not provide further details about why Rio Napo was liquidated, but local media reported that the closure had been ordered by regulatory authorities.

The economies of OPEC members Ecuador and Venezuela have both been battered by the global fall in crude prices. Ecuador produces an average of 540,000 bpd, including output by private producers. (Reporting by Alexandra Valencia; Writing by Julia Symmes Cobb; Editing by Helen Murphy and Jonathan Oatis)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below