Ecuador's Minister of Nonrenewable Natural Resources Resigns

QUITO, Ecuador - Wilson Pastor, Ecuador's minister of nonrenewable natural resources, has tendered his resignation to President Rafael Correa and will be replaced by Pedro Merizalde as part of a cabinet reshuffle as Mr. Correa prepares for a third four-year term, senior government officials told Dow Jones Newswires on Wednesday.

The ministry is key for Ecuador's public-policy making, as it sets and supervises policy for the oil and mining sectors.

Mr. Merizalde, a 61-year-old oil engineer, is the current chief executive of the Refineria del Pacifico project, the $10 billion venture of Ecuador's state-run oil company Petroecuador, which holds a 51% stake in the refinery, and Venezuela's state-run oil firm Petroleos de Venezuela, owner of the remaining 49%.

Both Mr. Merizalde and Mr. Pastor declined to comment.

President Correa has said he plans some changes to his cabinet, as part of an effort to deepen his "citizen's revolution" during his third term, which begins on May 24.

Mr. Correa was re-elected on Feb. 17 for a four-year term.

Mr. Pastor took office as nonrenewable natural resources minister in April 2010 and played a key role to change oil contracts for private companies operating in the country, setting fees based on output, instead of granting ownership of the barrels that private companies extract.

In the last months Mr. Pastor has been promoting the 11th oil licensing round, which was launched in November.

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Ecuador's Minister of Nonrenewable Natural Resources Resigns

QUITO, Ecuador - Wilson Pastor, Ecuador's minister of nonrenewable natural resources, has tendered his resignation to President Rafael Correa and will be replaced by Pedro Merizalde as part of a cabinet reshuffle as Mr. Correa prepares for a third four-year term, senior government officials told Dow Jones Newswires on Wednesday.

The ministry is key for Ecuador's public-policy making, as it sets and supervises policy for the oil and mining sectors.

Mr. Merizalde, a 61-year-old oil engineer, is the current chief executive of the Refineria del Pacifico project, the $10 billion venture of Ecuador's state-run oil company Petroecuador, which holds a 51% stake in the refinery, and Venezuela's state-run oil firm Petroleos de Venezuela, owner of the remaining 49%.

Both Mr. Merizalde and Mr. Pastor declined to comment.

President Correa has said he plans some changes to his cabinet, as part of an effort to deepen his "citizen's revolution" during his third term, which begins on May 24.

Mr. Correa was re-elected on Feb. 17 for a four-year term.

Mr. Pastor took office as nonrenewable natural resources minister in April 2010 and played a key role to change oil contracts for private companies operating in the country, setting fees based on output, instead of granting ownership of the barrels that private companies extract.

In the last months Mr. Pastor has been promoting the 11th oil licensing round, which was launched in November.

Copyright (c) 2013 Dow Jones & Company, Inc.

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Ecuador's Petroamazonas to Operate With $3.58B Budget

QUITO, Ecuador - Ecuador's state-run oil company, Petroamazonas, will operate with a $3.58 billion budget this year, the company said Wednesday.

Of that amount, about 60% will be used for investment projects for exploration and the production of crude oil and natural gas. The remaining amount will be allocated for operating costs and debt payments, among other things.

As part of its growth strategy, Petroamazonas plans to carry out five pilot projects of oil-enhanced recovery, aiming to increase reserves and production.

Petroamazonas, which in January merged with state-run Petroecuador, operates 14 oil blocks, including the Amistad gas field. Petroecuador, meanwhile, controls sales, refining and transportation activities.

Petroamazonas produces about 313,000 barrels of crude oil a day, about 62% of the Ecuador's oil output.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Ecuador's Petroamazonas to Operate With $3.58B Budget

QUITO, Ecuador - Ecuador's state-run oil company, Petroamazonas, will operate with a $3.58 billion budget this year, the company said Wednesday.

Of that amount, about 60% will be used for investment projects for exploration and the production of crude oil and natural gas. The remaining amount will be allocated for operating costs and debt payments, among other things.

As part of its growth strategy, Petroamazonas plans to carry out five pilot projects of oil-enhanced recovery, aiming to increase reserves and production.

Petroamazonas, which in January merged with state-run Petroecuador, operates 14 oil blocks, including the Amistad gas field. Petroecuador, meanwhile, controls sales, refining and transportation activities.

Petroamazonas produces about 313,000 barrels of crude oil a day, about 62% of the Ecuador's oil output.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here