Thursday, 22 January 2009

Ecuador: Perenco Contract to be Terminated by Government After Talks Fail

Yesterday, Ecuador Oil Minister Derlis Palacios announced the government's intention to terminate an operating contract with France's Perenco SA ahead of schedule. The decision puts an end to ongoing negotiations in which Ecuador sought to switch the company to a fee-for-service contract instead of a profit-sharing deal. Perenco was also ordered to reduce production to meet the OPEC-mandated oil cut of almost 70,000 barrels/day.

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