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Ecuador and Chile signed a new $90 million oil deal.

Chile

Ecuador and a subsidiary of Chile's state oil company ENAP on July 15 renegotiated an agreement to exploit an oil block in the Ecuadorian Amazon with an additional investment of $90 million by 2035. About this reported the Reuters.

A new agreement signed on July 15 between the ministry and ENAP SIPEC, which already operates the block, will increase reserves by 5,6 million barrels of crude oil, Ecuador's Energy and Mining Minister Antonio Goncalves said in a statement.

"98% of new investments committed by the operator will be made within the first five years after signing the document," said the minister.

As of July 18, 2024, ENAP production in Ecuador was 28 barrels per day, according to official data.

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