Ecuador Petroamazonas Wants $820 Million for Amazon Oil Fields

By Nathan Gill
Feb. 13 (Bloomberg) — Ecuador’s President Rafael Correa met yesterday with representatives of state-owned oil company Petroamazonas SA to discuss the $820 million needed to finance four new oil fields in the nation’s Amazon rain-forest region.

Petroamazonas is seeking joint ventures with companies including Schlumberger Ltd., the world’s largest oilfield-services provider, to extract about 69,400 barrels of oil per day from the Pakasur, Panacocha, Panayacu-Quinde, and Bloque 31 fields, according to a statement on the presidency’s Web site.

Ecuador is the smallest member of the Organization of Petroleum Exporting Countries, known as OPEC. Its current production quota is 449,000 barrels a day.

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