Ecuador will back OPEC's decision to keep crude cuts

Ecuadorian Minister of Hydrocarbons, Carlos Perez, said today that his country will support the decision of the Organization of Petroleum Exporting Countries (OPEC) to keep the cuts in the production of crude oil.

Quito, Nov 16 (EFE) .- The Ecuadorian Minister of Hydrocarbons, Carlos Pérez, said today that his country will back the decision of the Organization of Petroleum Exporting Countries (OPEC). to maintain the cuts in crude production.

In a press conference, reported that Ecuador continues to "support the proposals" of OPEC and said that the appointment of ministers of the organization that will attend at the end of the month, will "support what OPEC decides".

"The OPEC proposal continues to maintain production restrictions for that the supply is within reasonable numbers, in such a way that it improves the price of oil, "he recalled.

The minister acknowledged that the percentage reduction in the quota established for Ecuador (25,650 barrels) ranges between 60 and 70 percent and noted that, with respect to the nation's income, the production cut has been offset by the rise in the price of crude oil in the international market.

"The measures that OPEC has taken have benefited us as a country," said the official, expressing his hope that the oil price maintain an upward trend.

On the other hand, in a report on the progress of its sector indicated that American, Chinese, Russian and English companies have shown interest in the Refinery of the Pacific, flagship project of the previous Ecuadorian government, in which millions of investments have been made and which has not finished.

Although he did not mention names, said that these are "serious" companies and stressed that the country does not look for financiers for that refinery but investors.

When referring to the debt with the French company Schlumberger said that this month, Ecuador will pay in cash and paper, the remaining 300 million dollars.

Last July, the Ecuadorian government reached an agreement for the restructuring of a debt that was then pending for 850 million dollars with the French oil company.

After the agreement reached, to date, the public company Petroamazonas EP has paid 550 million dollars of outstanding value with the company, which represents 64.70% of the total amount owed, according to the Ministry.

According to that institution, the payments made were 150 million dollars in cash, 100 million in Central Bank Securities (TBC) and 300 million in a Bond Recognition Agreement (ARD). Through the issuance of bonds.

In another issue, Perez said that the negotiation continues in search of better alternatives for the current oil pre-sale contracts with Petrochina, Unipec and Petrotailandia.

Around the Esmeraldas Refinery, the main one in the country, indicated that a total paralysis is planned, which will last one month, in March 2018, to intervene one of its units.

Oil is one of the main export products of Ecuador and one of its bases for financing the state budget of the Andean country.

With Based on data from international companies, Pérez indicated that at the moment, the country's certified reserves amount to 4,893 million barrels.

He assured that this figure is included the Ishpingo - Tambococha - Tiputini (ITT) project, with around 1.7 million barrels of reserves.

He reiterated that production estimates for this year remain at 509,000 barrels per day on average and said that in December it will start drilling in the Tambococha field in the Ecuadorian Amazon.