this is for the oil ,

maybe very soon for the gold.

QUITO, Oct 8 (Reuters) - Ecuador on Wednesday signed a service deal with Canada's Ivanhoe Energy (IE.TO: Quote, Profile, Research, Stock Buzz) to exploit an oilfield, marking a victory for the leftist government in its drive to boost control over the crucial sector.

Ivanhoe plans to invest up to $5 billion over 30 years to extract oil from the Pungarayacu field in Ecuador's Amazon jungle. Ecuadorean oil officials have said the company could produce up to 120,000 barrels per day within five years.

President Rafael Correa, a leftist former economy minister, has pushed foreign oil companies already producing to switch to new service deals that would allow the state to keep all the oil they extract in exchange for a fee.

"Today, we have signed a contract that marks the change of times in our country," said Correa after signing the deal and replacing the country's oil chief to speed up negotiations with other companies.

"We want private (foreign) companies to have a fair return, but they also have to respect the winnings of the country."

The service deal with Ivanhoe is a win for Correa's drive to increase the OPEC nation's sway over the sector, but also highlights the U.S.-trained economist's willingness to continue working with foreign oil companies to boost production.

Correa has so far refrained from oil nationalizations, but threatened to expel foreign oil companies that fail to raise production levels. Most companies have halved investment since new contract negotiations started last year.