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New Stratus Energy Announces Award of Transformative Production Sharing Contract and Funding Agreement for Oil Field in Ecuador

Mar 03, 2025•over 1 year ago

Contract Type

contract

EcuadorEnergyOil And GasBiomass Energy

Description

New Stratus Energy Inc. has announced that a consortium, formed by subsidiaries of Sinopec International Petroleum E&P Corporation and New Stratus, has reached an agreement with the Ministry of Energy and Mines of Ecuador for the award of a 20-year production sharing contract relating to Block 60 in Ecuador. The Consortium will pay an upfront cash entry bonus of US$1.5 billion for the contract and New Stratus will acquire a 40% interest in the Sacha Block.

Company Information

Company

New Stratus Energy

Location

Ecuador

About

New Stratus Energy Inc. is an energy company based in Calgary, Alberta. The company is involved in the exploration and production of crude oil and natural gas.

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