Ecuador President Daniel Noboa’s oil revival plan is faltering before the runoff election as criticism mounts over his management of the Sacha field deal with Sinopetrol. Amid internal turmoil, including the resignation of a finance minister, Noboa has issued an ultimatum for an early payment from the consortium, heightening speculation about his intentions.
Ecuadorian President Daniel Noboa’s plan to rejuvenate the nation’s primary oil field is deteriorating as he races to secure his re-election shortly before the runoff vote. The plan, which involves transferring the management of the Sacha field to the foreign consortium Sinopetrol, has triggered significant criticism concerning Noboa’s oversight of the agreement. Notably, his finance minister, Juan Carlos Vega, has resigned amidst the fallout from this deal, as informed sources have disclosed.
President Noboa’s strategy to revitalize Ecuador’s oil sector faces significant challenges as he approaches re-election. The controversy surrounding the Sacha field deal, along with pressures from opposition candidates and internal resignations, complicates his administration’s efforts to secure foreign investment. If the $1.5 billion entry bonus is not paid, it may spell further difficulties for Noboa’s candidacy and Ecuador’s economic recovery.
Original Source: worldoil.com
