Petroecuador facing arbitration claims

Ecuador's state oil company Petroecuador said it is facing arbitration claims due to contractual disputes with two private contractors; however, they said the processes would not affect crude output.

Kamana Services and Servicios Petroleros Igapó separately presented claims due to disputes over services contracts signed with Petroecuador in 2016 to the Permanent Court of Arbitration, an international tribunal in The Hague, the company said in a statement.

"Petroecuador, to the extent that it can, is assisting the Solicitor General with the defense in these two cases, with the aim of reaching agreements of mutual benefit and for the good of the country," the statement read.

Kamana is a consortium that includes Houston-based Schlumberger NV and Argentina's Tecpetrol SA.Igapó includes U.S. oil services company Halliburton Co.