US Ambassador Chapman to Ecuador met with PESA Executives September 13 in Houston. The Ambassador provided a briefing on the political environment and investment climate in Ecuador, and engaged in a detailed discussion with PESA members. Given the current market conditions, Ecuador is working to promote investment in the country’s energy, mining, tourism and agriculture sectors.
The state-owned oil company Petroamazonas is seeking foreign investors to boost production at nine of its existing oil fields, and in 2016 signed a series of investment deals amounting to US$1 billion for those areas, enlisting the help of both domestic and foreign companies. New fields are opening as well as increasing production in the existing ITT fields. The expected increase in production of the mature fields is 30,000 additional barrels per day by 2018, with projections of up 1 million BPD over the next 5 years.
Ambassador Chapman praised PESA’s FSO training program, and thanked the PESA leadership for maintaining excellence in this program that has impacted and supported US Energy and Economic Officers all over the world. The US Embassy hopes to conduct trade missions for US companies in the future. Please contact PESA VP Communications and Member Relations Molly Smart at [email protected] if your company is interested in opportunity in Ecuador.