ENAP renegotiates contracts with Ecuador

abarrelfullabarrelfull wrote on 24 Nov 2010 13:27
Tags: ecuador enap south-america upstream

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The Ecuadorian Ministry of Non-Renewable Natural Resources and Empresa Nacional del Petróleo, Chile, today signed a renegotiation agreement of contracts for the Mauro Dávalos Cordero (MDC) and Paraíso, Biguno, Huachito (PBH) oil blocks which ENAP has been operating in Ecuador since 2002.

The signing ceremony was at the Ecuadorian Ministry of Non-Renewable Natural Resources offices in Quito, capital of Ecuador, in the presence of the Minister of Non-Renewable Natural Resources, Wilson Pastor, the Chilean Minister of Mining, Laurence Golborne, the Chilean ambassador to Ecuador, Juan Pablo Lira, the chief executive of ENAP, Rodrigo Azócar, ENAP’s manager, exploration and production, Rodrigo Bloomfield and the manager of ENAP in Ecuador, Eduardo Tapia.

Chile, through ENAP, thus became the first country to successfully renegotiate its oil contracts in Ecuador, thus complying with the decision of President Sebastián Piñera, who was committed to starting this process proactively last August.

Apart from the renegotiation of tariffs required under the new contract, ENAP, with new investments, will increase the production of the Mauro Dávalos Cordero Block through improved recovery actions in that concession and obtain a new block to carry out exploration work, called Intracampos, alongside the Paraíso, Biguno and Huachito blocks located in Ecuador’s eastern basin..

The renegotiation of the contracts required by the Ecuadorian government established the need for all oil companies operating in Ecuador to renegotiate their contracts to adapt to the new scheme proposed by the Ecuadorian government.

This renegotiation process was therefore key for ENAP, as it achieved the incorporation of new oil areas for development.

With this new step, ENAP continues to proceed successfully in Ecuador. ENAP produces approximately 13,000 barrels per day of oil and is noted for its operative excellence and care for the environment and the communities, having its ISO 14001 certification, respecting the laws and with special care for human resources, making it worthy in recent years of the Great Place to Work prize as one of the best places to work in Ecuador and among the best 100 companies in Latin America.

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