BUSTAMANTE FABARA acted as lead Ecuadorian counsel to Spanish company, Sagittarius, in its USD $75 million acquisition of Singaporean Orion Energy, which is a significant oil producer with a strong position in the Ecuadorian market. The transaction granted the buyer control over two oil and gas companies operating Blocks 52 and 54 in Ecuador.
The transaction, led by Partner Rafael Valdivieso and Director Gustavo Almeida, underscores BUSTAMANTE FABARA’S deep expertise in natural resources, mergers and acquisitions, financing and regulatory compliance. The Firm managed the entire regulatory process required to facilitate the acquisition, including obtaining the necessary authorization from the Ministry of Energy and Mines, as well as advising on the transaction´s financing.
This deal is particularly significant as it involves oil blocks in the exploitation phase, adding considerable regulatory and operational complexity. It also marks one of the few transactions of its kind in Ecuador in recent years—the last comparable deal took place in 2019 and involved only a single oil block, where both members of our Firm also played a key advisory role.
Given the rarity and scale of such transactions in Ecuador’s oil & gas sector, this matter is expected to further solidify the firm’s standing as a leading advisor in the oil and gas industry.
About BUSTAMANTE FABARA
With a venerable history spanning over 69 years, BUSTAMANTE FABARA stands as a paragon in the legal landscape of Ecuador and Latin America. Our firm is composed of a dynamic team of over 125 expert multidisciplinary attorneys, supported by a dedicated staff of more than 185 professionals. We provide comprehensive legal and accounting solutions across 25 diverse practice areas. Our commitment extends beyond local borders, offering global reach to meet the needs of our clients worldwide, supported by an extensive network of correspondents.