Ecuador Seeks To Clear Schlumberger Debt By End-November

Ecuador’s state oil company Petroamazonas plans to clear its
US$850-million remaining debt to oilfield service giant
Schlumberger by the end of this month. The company has US$300
million in outstanding debt to Schlumberger and will now pay US$100
million in cash by the end of the month. The rest will be paid in
installments over a period of five years, Petroamazonas said. Talks
on the repayment of the debt began earlier this year, after the
change of government in OPEC’s smallest member. At the time,
Ecuador’s total debts to oilfield…

Ecuador’s state oil company Petroamazonas plans to clear its
US$850-million remaining debt to oilfield service giant
Schlumberger by the end of this month. The company has US$300
million in outstanding debt to Schlumberger and will now pay US$100
million in cash by the end of the month. The rest will be paid in
installments over a period of five years, Petroamazonas said. Talks
on the repayment of the debt began earlier this year, after the
change of government in OPEC’s smallest member. At the time,
Ecuador’s total debts to oilfield…