Ecuador – Oil & Gas 360

Ecuador’s NOC declares force majeure after indigenous protests

January 2, 2024

Oil Price Ecuador’s state-run oil company, Petroecuador, has declared force majeure on three more oil blocks due to protests by the indigenous Kichwa community, just days after doing the same for another block. The three blocks were jointly producing a total of about 142,000 barrels of oil equivalent before production fell to about 122,500 on Monday. The indigenous community has accused the company

Busy year ahead for Ecuador oil sector as gov’t moves to ramp up investments

January 5, 2022

Oil Now (S&P Global Platts) Ecuador’s oil and gas industry is on track for a busy year of privatization and E&P contract overhauls in 2022 as President Guillermo Lasso seeks to open up the heavily indebted Andean country to foreign investment. Lasso’s new center-right government, which has set out to reform Ecuador’s Hydrocarbons Law, aims to sell off all

European lenders exit Amazon oil trade after scrutiny by campaigners

January 25, 2021

Reuters ZURICH/LONDON – Credit Suisse, Dutch lender ING and France’s BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, the banks said on Monday, following pressure from campaigners aiming to protect the Amazon rainforest. The role of European lenders in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth

Exclusive: Ecuador weighs suit against Vitol in wake of graft revelations, sources say

December 11, 2020

Reuters QUITO/RIO DE JANEIRO – Ecuadorian state-run oil company Petroecuador is weighing a lawsuit against Vitol after the world’s largest oil trader admitted last week to bribing officials in the South American country, according to two sources with direct knowledge of the matter. Petroecuador is working with the nation’s attorney general to assess how much the Vitol-led graft scheme cost

Exclusive: European banks face indigenous calls to end Amazon oil trade

August 12, 2020

Reuters LONDON/QUITO – European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 billion charge

July 24, 2020

Reuters Oilfield services giant Schlumberger NV (SLB.N) on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the coronavirus crisis. Producers

Big Oil seeks refuge in Brazil from Latam regional turmoil

October 28, 2019

Source: Reuters RIO DE JANEIRO/MEXICO CITY (Reuters) – When executives arrive in Rio de Janeiro this week for Brazil’s biennial Offshore Technology Conference, they will find themselves in Latin America’s most promising market for Big Oil by far. That marks a dramatic change from only a year ago. In early October 2018, Brazil’s current president, Jair Bolsonaro, was in

Ecuador oil output could fall by one-third amid protests: energy ministry

October 8, 2019

Source: Reuters Ecuadoran state-run oil company Petroamazonas estimates it could lose some 165,000 barrels-per-day (bpd), or one-third, of crude production due to “insecure conditions” in oilfields as anti-austerity protests convulse the Andean nation, the energy ministry said on Tuesday. The areas of the Sacha, Libertador and Auca fields in the country’s Amazon region were affected. The ministry said at the

GeoPark Q2 2019 Operational Update

July 15, 2019

GeoPark Announces Second Quarter 2019 Operational Update

Ecuadorian Plaintiffs End Litigation Against Chevron

July 9, 2019

Ecuadorian Plaintiffs End Fraudulent Litigation Against Chevron

Dutch Supreme Court Rules for Chevron in Ecuador Dispute

April 16, 2019

Dutch Supreme Court Rules for Chevron in Ecuador Dispute

More Latin American Plays Open to North American Explorers

March 14, 2019

GeoPark and Gran Tierra both add Ecuador to Latin American portfolios Two North American oil and gas producers have added Ecuador to their Latin American portfolios, winning acreage blocks that are prospective for hydrocarbon production. GeoPark Limited (stock ticker: GPRK, $GPRK), an independent Latin American oil and gas explorer, operator and consolidator with operations in Colombia, Peru, Argentina, Brazil and

Premium Content