Ecuador sees higher investments
Private oil companies are expected to invest $417.7 million in their Ecuadorean operations this year, up sharply from $212.1 million last year, the government said in a statement today.
News wires 24 February 2010 17:47 GMT
Spain's Repsol , Brazil's Petrobras , Chinese consortium Andes Petroleum and Italy's Eni operate in the Andean country, despite President Rafael Correa's ongoing spats with the private sector.
Coreea has ordered petroleum contracts to be renegotiated as part of his push for greater state control over natural resources, Reuters reported.
Exports from private companies sank 27.6% last year versus 2008 to 98,869 barrels per day, while private output fell 14.4% to 204,511 bpd, according to state petroleum company Petroecuador.
Correa wants foreign oil companies to give up their profit-sharing deals and sign new contracts under which they would become service providers.
Published: 24 February 2010 17:47 GMT | Last updated: 24 February 2010 17:47 GMT
