LEFT to RIGHT: PESA’s Senior Director of Public Policy, Jean Gould; José Augusto, Ecuadorian Advisor; PESA Board Member Kevin Crowley, President & CEO, Forged Products, Inc.; Antonio Morales, Baker Hughes, a GE company; Ecuador Minister of Hydrocarbons Carlos Pérez; Ali Nadir, U.S. Department of State
Ecuador Minister of Hydrocarbons Carlos Pérez met with PESA Executives on October 5 in Houston. The Minister said that Ecuador is shifting from state-driven investments to direct private participation in the oil and natural gas industry. His goal is to increase Ecuador’s oil production by 30% over the next four years, from 550 kb/d to 720 kb/d, primarily from developments in mature fields. At present, state-owned oil company Petroamazonas produces 80% of the country’s oil.
Ecuador recently adopted new policies to help bolster investments by the private sector. The new policies provide for production sharing contracts which give contractors ownership over their oil production. Existing fields in the Intracampos area will be open for bidding in November. During the second quarter of 2018, Ecuador plans to offer for bidding acreage in the Sur Oriente area, which is near existing Peruvian developments.
“We want companies that are going to go to Ecuador, stay there, and work with us through good times and bad,” Minister Pérez said during the discussion. The Minister was accompanied by Advisor José Augusto and Economic Officer Ali Nadir from the U.S. Embassy in Ecuador.
PESA thanks Baker Hughes, a GE company for hosting the event. If you have any questions, please contact PESA Senior Director Public Policy, Jean Gould.
