Ecuadorean President Rafael Correa is close to sealing a series of revamped oil deals with foreign companies, boosting the state’s control of the key sector, Oil Minister Galo Chiriboga said today.

Chiriboga told Reuters that he hopes to sign the first batch of agreements by next week.

"The president has the final word ... but I hope next week we can start signing understanding memorandums," Chiriboga said, speaking at the Reuters Latin America Investment Summit.

Ecuador is reworking foreign oil contracts as a way to increase state control over key sectors of the economy from oil to mining.

The companies renegotiating their deals include Brazil's Petrobras, France's Perenco, China's Andes Petroleum and Spanish player Repsol YPF.

Chiriboga said he has not reached a deal with all of the companies, but says negotiations are "moving forward nicely".

He declined to say which companies have already secured deals with the government, but that he expects a sharp increase in investment this year after the new contracts are signed.

Chiriboga said Ecuador expects its total output to increase by 10,000 barrels of oil per day this year on last year's production figures to hit 520,000 bpd.

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"Upstream 04/04/08"