Key Facts
—Who. ENAP, Chile’s state oil company, through its subsidiary ENAP Sipetrol, is the buyer; Pluspetrol Ecuador B.V. is the target.
—What. ENAP agreed to buy 100% of Pluspetrol Ecuador, which holds an interest in Block 10 in Ecuador’s Pastaza Province.
—Price. The base price is US$207 million, subject to contractual adjustments, and completion still needs approvals.
—Impact. ENAP says its Ecuador output would rise from 27,000 to 34,000 barrels a day, up 26%, and proven reserves from 50 million to 67 million barrels.
—Still unknown. The closing date and the final price after adjustments.
—Power Index Ecuador ranks 8th of 14 in The Rio Times Latin America Power Index, with 38.2 points (October 2026 edition).
Chile’s state oil company ENAP announced on Monday 19 October that its subsidiary ENAP Sipetrol agreed to buy Pluspetrol Ecuador B.V., which holds an interest in Block 10 in Ecuador’s Amazon region. The base price is US$207 million, and ENAP says the deal would lift its Ecuador output by 26%.
For US readers, the deal shows a Latin American state producer buying crude supply abroad to feed its own refineries. Ecuadorian crude already makes up more than 20% of the crude processed by ENAP’s Chilean refineries, the company said.
Deal Terms
The price is a base amount of US$207 million and can change under adjustment mechanisms in the share-purchase agreement. Completion still needs regulatory approvals.
Block 10 covers about 1,985 square kilometres in the Pastaza Province, according to ENAP, and is already producing. Reports identify the Villano field as the main producing operation.
What ENAP Says It Gains
ENAP says the acquisition would raise its Ecuador production from 27,000 to 34,000 barrels a day, a 26% increase. It says proven reserves in Ecuador would grow from 50 million to 67 million barrels, a 34% increase.
The company called the deal one of the largest investments in its history abroad. It said the aim is to secure crude that suits its Chilean refineries and to cut extraction costs by operating the fields directly.
Company Statements
ENAP board president Cristián Muga said the decision reflects the company’s long-term view and that ENAP can now take on an investment of this scale responsibly. General manager Julio Friedmann said the deal fits the company’s transformation plan and draws on more than two decades of experience operating in Ecuador.
Friedmann said ENAP teams are ready to integrate the asset and develop its potential safely and efficiently. Our earlier report on ENAP’s legal fees covers the company’s governance, and our Ecuador page tracks the oil sector.
What It Means for US Readers
Chile produces little crude of its own, so a larger Ecuadorian upstream position gives ENAP a more secure supply. US investors who follow Andean oil assets will see another state-owned company expanding abroad while a private operator, Pluspetrol, sells.
The deal does not directly affect US fuel markets. It is a sign of how regional state companies are securing crude for their own refineries.
What Is Not Known
The closing date has not been announced, and the final price will depend on the adjustment mechanisms. We found no statement from Ecuador’s government in the reports we reviewed.
The approvals needed, and the authorities that must give them, are not fully identified in those reports.
More: Chile news in English, every day from The Rio Times.
Sources
BioBioChile · El Universo · La República · El Comercio
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
Frequently Asked Questions
How much is ENAP paying for Pluspetrol Ecuador?
The base price is US$207 million, subject to contractual adjustments. The final price will depend on those mechanisms.
What does the acquisition include?
ENAP Sipetrol would buy 100% of Pluspetrol Ecuador B.V., which holds an interest in Block 10 in Pastaza Province. Reports identify the Villano field as the producing operation.
How much oil would ENAP gain?
ENAP says its Ecuador production would rise from 27,000 to 34,000 barrels a day, up 26%. It says proven reserves would grow from 50 million to 67 million barrels.
Has the deal closed?
No. Completion still requires regulatory approvals, and no closing date has been announced.