According to the Superintendency, the decision is made after considering that it does not create, modify or reinforce the market power in which it was analyzed.
The Superintendence of Control of Market Power (SCPM) authorized the acquisition of all the shares of Agip Oil Ecuador BV, by the economic operator Petroandina Resources Corporation NV, considering that it does not create, modify or reinforce the market power, in which it was analyzed, that is related to exploration and exploitation of crude oil in Block 10 of the Ecuadorian Amazon.
This decision is made after Petroandina Resources Corporation N.V. submit the mandatory prior notification of economic concentration on December 28, 2018, in accordance with the provisions of articles 14, 15 and 16 of the Organic Law of Regulation and Control of Market Power (LORCPM).
As such, the Commission for the Resolution of First Instance (CRPI) of the SCPM authorized, by means of a resolution issued on April 29. of 2019, at 12:55, the acquisition of all the shares of Agip Oil Ecuador B.V., by the economic operator Petroandina Resources Corporation N.V.
The resolution issued by the CRPI is framed within the attributions determined for the SCPM, as a technical entity authorized to control operations of economic concentration.
About the economic operators Petroandina Resources Corporation N.V. is a company incorporated under the laws of the Netherlands, without presence in the Ecuadorian territory, whose corporate purpose is focused on the activities of a holding company, which is part of the Pluspetrol Group, controlled by the Holding Pluspetrol Resources Corporation BV , with operations in the hydrocarbon sector, particularly in the exploration and exploitation of gas and oil, with operational presence in Argentina, Peru, Bolivia, Colombia, Venezuela, Angola, Suriname, and corporate in Uruguay, the United States and the Netherlands.
The seller, Eni International B.V., is a company incorporated under the laws of the Netherlands and controlled by the government of the Republic of Italy, through the company ENI S.p.A. Eni International BV is the sole owner of Agip Oil Ecuador BV, which in turn is a company incorporated under the laws of the Netherlands, whose branch in Ecuador was incorporated in 1998.
The corporate purpose of the acquired company consists of the provision of services for the exploration and exploitation of hydrocarbons in Block 10 of the Ecuadorian Amazon, through its branch domiciled in Ecuador, in accordance with the Contract for the Provision of Services for the Exploration and Exploitation of Hydrocarbons, celebrated by public deed granted before Notary Fourth of the Canton Quito, on November 23, 2010, and registered in the Hydrocarbons Register of the Hydrocarbons Secretariat, on December 23, 2010.