Wednesday, May 5, 2010

Ecaudor will decide the fate of 4 oil contracts by September

QUITO -(Dow Jones)- Ecuador will decide by September what to do with four foreign oil companies that have contract disputes with the government, Minister of Nonrenewable Natural Resources Wilson Pastor said Tuesday.

The government has already started a process to end the contract with Anglo- French company Perenco Corp., in a dispute over various issues.

State-run Petroecuador has asked for the cancellation of a production contract with Energy Development Corporation, or EDC, a subsidiary of U.S.-based oil and gas producer Noble Energy Inc, (NBL), saying it hadn't complied with its development plan.

The government also has disputes with Burlington Resources Inc., a subsidiary of ConocoPhillips (COP) and with Argentine oil and gas company Compania General de Combustibles SA, or CGC.

"I hope that within the next four months we will have taken a decision about these four cases," Pastor told reporters.

-Dow Jones Newswires; 5939-9728-653

No comments:

Post a Comment