Page 12 - LatAmOil Week 04 2021

LatAmOil ECUADOR LatAmOil

Sacha oilfield slated for sale

ECUADOR’S Finance Ministry is looking 27-month Extended Fund Facility (EFF) loan
to offer one of the country’s legacy oilfields to worth $6.5bn. It intends to use the money to
investors. support budget spending and to promote the
Ministry officials unveiled plans to sell the stabilisation of the country’s economy, which
Sacha field, which is currently yielding around has been hit hard by the coronavirus (COVID-
67,000 barrels per day (bpd) of oil, last week. 19) pandemic. ™
They said that the concession might bring in
more than $1bn but did not name any potential
investors.
Sacha is currently under the control of
state-controlled PetroEcuador but was assigned
to Rio Napo, a joint venture formed by Pet-
roAmazonas and Venezuela’s national oil com-
pany (NOC) PdVSA, between 2009 and 2016.
PetroEcuador absorbed PetroAmazonas,
another government-controlled upstream oper-
ator, earlier this month.
The field lies within Block 60, which is in
Ecuador’s north-eastern Orellana Province.
It is believed to hold around 350mn barrels of
crude and has been in production for more than
45 years. Ecuadorean officials said last year that
efforts to raise output levels there might require
investments of around $900mn.
Quito has decided to sell Sacha within the
framework of a wide-ranging austerity pro-
gramme introduced under the agreement
signed with the International Monetary Fund
(IMF) last September. Under that agreement,
Ecuador’s government has been granted a Sacha is in Orellana province (Image: ResearchGate/Amanda Henley)

NRG Oil & Gas Editor’s Picks

Want highlights from Newsbase’s Oil and Gas Monitors,

delivered to your inbox each week for free?

See a sample copy of NRG here.

See complete product descriptions and

sample copies of all Newsbase Products here.

P12 www. NEWSBASE .com Week 04 28•January•2021