Ecuador and UAE Sign Framework Agreement for Hydrocarbon Sector Investment

Petroecuador reported on November 2, 2026, that the Ecuadorian government had signed a framework agreement with the government of the United Arab Emirates (UAE), state oil company Abu Dhabi National Oil Company (ADNOC), and international companies to promote investment in the hydrocarbon sector.

The understanding was formalized through a Memorandum of Understanding signed by Sebastián Maag Pardo, general manager of EP Petroecuador, and ADNOC chief executive Sultan Al Jaber.

According to Petroecuador, the framework lays the foundations for long-term cooperation while maintaining state ownership of petroleum resources and the company's continuing role as operator of strategic assets.

A principal goal is to improve production at Sacha, identified as Block 60. The parties are negotiating the structure of a specific contract to optimize its operations. Under the scheme being evaluated, Petroecuador would retain operation and control of the field, together with state ownership of the petroleum resources. The signed framework and the specific contract still under negotiation are distinct stages of the proposed cooperation.

Sacha's recently certified reserves exceed 600 million barrels under the 3P category. That classification comprises proven, probable and possible reserves.

What to watch

• Whether the negotiations described by Petroecuador lead to a specific contract to optimize operations at Sacha.

Sources: eluniverso.com; primicias.ec.

Image: AI-generated editorial illustration; not a documentary depiction of the events reported.