Ecuador manages to restructure debt with French oil company Schlumberger

The Ministry of Hydrocarbons announced on July 1st that the Ecuadorian government had reached an agreement to restructure a $ 850 million outstanding debt with the French oil company Schlumberger.

The agreement was signed after negotiations between Schlumberger and Ecuador’s state oil company Petroamazonas; the ministry said in a statement that the debts with the French company would be met through different forms of “short-term and long-term” payments.

The Minister of Hydrocarbons Carlos Perez Garcia recalled that Tuesday a new stage of contracting with Schlumberger will start, a phase that “will not carry debt and will start at zero.”

Pérez García indicated that the Government’s policies seek to improve the management of the oil sector, considered one of the most important sources revenues.

According to him, a greater willingness to dialogue and “transparent figures have helped to achieve results with private oil companies” operating in the country. (I)