- Ecuador's oil ministry says state-owned oil firm Petroamazonas will sign an agreement this month to settle $300M in unpaid bills from Schlumberger (SLB -0.1%), an arrangement that includes a five-year financing deal.
- The Ecuadorean firm will make one payment of $100M in cash by the end of this month and $200M over five years, the ministry tells Reuters.
- Petroamazonas says it paid down $550M in debt to SLB since July, and that the deal to be signed in late November would clear its debt with the U.S. company.