October 9, 2018 |
Ecuador’s Petroamazonas has penned three new contracts with local and Venezuelan firms and renegotiated terms of two existing contracts to maximize oil production in the region.
According to the state-backed company, up to $1.6bn in investments will enable Ecuador to increase its oil production by 89m barrels during the 15-year term of operation.
Petroamazonas said its expects an additional income of $1.8bn until 2032.
Through its oil & gas bidding process, Petroamazonas secured $727m to dev
Ecuador's state-run petrol company inks terms that will increase production by 89m barrels over 15 years