Petroecuador will Merge Into Petroamazonas

In a report approved by the board of Petroecuador and Petroamazonas is stated that the two oil companies will merge in a process that will start from April to September, in order to iniciate the process of Petroecuador disappearance as the state fields operator.

The measure, which is due to the expulsion of Oxy oil company, will end its merge process in 2012 with the Deloitte O&G consultant and Accenture, who shall make a specialized study to adapt the model of operation and management of both oil companies.

The Government intends to transform the current Petroecuador in a management company, where it will be responsible for setting policies, rules, standards, and procedures. Thus, the actual Petroecuador will leave the fields to concentrate solely on the management and compliance of the government policy. Its presence in the oil fields will be replaced by Petroamazonas that, according to the report, will be the responsible of oil exploration and exploitation.

For refining and marketing jobs it will be created Petropacífico, a company that will result from the currently departments dedicated to this process within Petroecuador.

Source: El Universo