Ecuador Hopes To Sign New Oil Services Deals
August 25 2009 - 2:03PM
Dow Jones News
The Ecuadorian government hopes to sign new service contracts
with private oil companies operating in the country to replace
several current transitory participation deals, Mines and Oil
Minister Germanico Pinto said Tuesday, and to have them in place by
next year.
Ecuador wants to switch all current agreements with private
companies to service contracts and to take more control over its
natural resources.
Pinto said that by the middle of September there will be the
draft of the new contract ready.
According with preliminary plans, in October the Ministry will
start negotiations with Andes Petroleum, a joint venture between
two giant Chinese state-run oil companies, China National Petroleum
Corp. and China Petroleum & Chemical Corp. (SNP), known as
Sinopec.
The negotiations will continue with Brazilian state-run oil
company Petroleo Brasileiro SA (PBR) and Spanish oil company Repsol
YPF SA (REP), among others.
Agip Oil, a local unit of Eni SpA (E), the only company that now
has a services contract, must sign a transitory contract which will
be changed in one year for another service contract in line with
the new model.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com