Schlumberger says Ecuador fails to make agreed $350M debt payment
Nov. 15, 2017 2:33 PM ET|About: Schlumberger Limited (SLB)|By: Carl Surran, SA News Editor
Schlumberger (SLB -1.8%) says Ecuador's government has failed to compiy with an agreement to pay $350M of an $850M debt, complicating the company's operations in the country.
Ecuador had promised to fulfill its obligation in tranches, but SLB says it failed to make a $350M payment this month via a bond issuance by state oil company Petroamazonas.
SLB operates a consortium with other firms in Ecuador's Shushufindi field, extracting ~60K bbl/day, and has said it would invest ~$2B from 2018 to increase production.