Ecuador to offer new oil contracts soon
News wires
Ecuador will give foreign oil companies details in September of the new contracts it wants them to sign, oil minister Germanico Pinto said today.
Pinto told Reuters in an interview that he sees oil prices stable at between $70 and $72 per barrel this year, and that he will not press for an Opec output cut at the organisation's next meeting in September.
"In all likelihood we'll show the media and the companies the government's proposal in the first week of September," Pinto said, adding that companies will have to agree to "an investment plan" as part of the new contracts.
Earlier this month, Vice President Lenin Moreno said the government will take control of oil blocks unless companies boost output, but Pinto said that would be an "extreme measure" and that he will seek to negotiate with oil companies first.
"We're worried about the fall in production and we're analyzing in detail, case by case, to see what are the reasons and the measures we can take to reverse the situation," he said.
