Comptroller Audit Finds $18.8M in Petroecuador Liabilities in Sacha Contract Liquidation

Ecuador's Contraloria General del Estado has identified $18.8 million in civil and administrative responsibilities at Petroecuador tied to a contract liquidation at the Campo Sacha oil field.

Audit Scope

Primicias reports that the special examination covered the liquidation of a Petroecuador contract signed in 2007 for $28.6 million, focused on gas-compression systems at Campo Sacha.

The audit period ran from January 1, 2020 to June 30, 2025, with attention on the final settlement act signed in April 2021.

Main Findings

According to the Comptroller report cited by Primicias, the settlement act was signed without the pertinent legal criteria and recognized retroactive interest calculated from 2010 through 2021.

The report states that this action was carried out without a pure, liquid or enforceable obligation, causing economic damage to the state of $9,484,382.30.

The audit also found that Petroecuador omitted collection of fines for more than $7.8 million and accounts receivable above $1.5 million.

In addition to civil responsibilities above $18.8 million, the Comptroller suggested administrative sanctions for responsible officials, with fines rising to $9,300.

Asset Context

Primicias describes Sacha as Ecuador's most productive oil field, operated by Petroecuador. The field is mature, has been exploited for 53 years, and has one of the country's highest-quality crude grades.

What to watch

• Whether Petroecuador challenges, accepts or implements the civil-liability findings.
• Recovery actions on the omitted fines and accounts receivable cited by the audit.
• Administrative sanction outcomes for the responsible officials.
• Governance implications for Campo Sacha as the government continues to structure private-sector participation around mature oil assets.

Source: Primicias