This report does not constitute a rating action. BUENOS AIRES (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today said that the announced US$207 million acquisition of Pluspetrol Ecuador B.V. (not rated) by Empresa Nacional del Petroleo (ENAP) aligns with the latter's strategy. The transaction, involving 100% of Pluspetrol's interest in Ecuador's Block 10, would strengthen ENAP's vertical integration in Ecuador. Upon completion of the acquisition, ENAP estimates its daily production in Ecuador could increase by 26% (to 34,000 barrels per day), and its proven reserves in the country would grow by 34% (to 67 million barrels). While these operational gains would help improve oil procurement, we are not incorporating the transaction into our base case at this stage, pending
