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Reuters – Ecuador says to start oil contract talks in August

Chevron Ecuador — Fri, 30 Jul 2010 18:43:51 +0000

Ecuador will begin in August the contract talks with foreign oil companies operating in the country:

Ecuador will begin negotiating with oil majors in August new contracts to favor the state, Non-Renewable Resources Minister Wilson Pastor said on Thursday, setting the clock ticking for firms in the OPEC nation.

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Dow Jones – Ecuador To Submit New Model Oil Contract To Companies Friday

Chevron Ecuador — Fri, 30 Jul 2010 18:42:12 +0000

Ecuador is planning to show new draft contracts to oil companies operating in the country:

Ecuador’s government plans to submit to private oil companies on Friday the model contract that will be used to exchange current production-sharing deals for service contracts. Negotiations with each company will start in the second week of August, the country’s minister for non-renewable natural resources said Thursday.

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Dow Jones – Minister: Ecuador To Decide Fate Of Noble Unit’s Contract By Nov

Chevron Ecuador — Fri, 30 Jul 2010 18:39:58 +0000

Ecuador will decide on a contract with a subsidiary of a U.S. based oil company:

Ecuador will decide by November whether to continue the contract of Energy Development Corp., or EDC, a subsidiary of U.S.-based oil and gas producer Noble Energy Inc. (NBL), the country’s minister for non-renewable natural resources told Dow Jones Newswires.

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Reuters – Ecuador sees tough talks ahead with oil companies

Chevron Ecuador — Wed, 28 Jul 2010 23:07:24 +0000

Government officials expect negotiations to be difficult:

OPEC-member Ecuador expects tough negotiations ahead with private oil companies that are being asked to sign new contracts aimed at increasing state control over the sector, a top official said on Tuesday.

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AP – New law in Ecuador means state gets to sell oil, companies earn flat fee for extracting it

Chevron Ecuador — Wed, 28 Jul 2010 23:00:31 +0000

New Ecuador law is in effect:

Oil companies operating in Ecuador will no longer hold a stake in the oil they produce but instead receive a set production fee under new rules put in place Tuesday by the government of leftist President Rafael Correa.

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Dow Jones – Ecuador’s 1Q Fiscal Surplus $902M Vs $596M Deficit Year Before

Chevron Ecuador — Wed, 28 Jul 2010 22:55:01 +0000

Report on Ecuador financial figures:

Ecuador’s central government posted a fiscal surplus of $902 million during the first quarter of 2010, compared with a deficit of $596 million in the same period of 2009, the Central Bank said Tuesday.

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Dow Jones – Ecuador To Start Oil Contract Renegotiation

Chevron Ecuador — Tue, 27 Jul 2010 23:48:55 +0000

The renegotiating of oil contracts begins on Tuesday:

Ecuador’s nonrenewable natural resources minister, Wilson Pastor, said Monday that the process of renegotiating contracts with private-sector companies in the petroleum sector will start Tuesday.

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Americas Quarterly – Ecuador and UNDP to Sign Amazon Conservation Agreement

Chevron Ecuador — Tue, 27 Jul 2010 23:39:34 +0000

More coverage of the Amazon conservation agreement:

Following four months of negotiations, the Ecuadorian government and the United Nations Development Programme (UNDP) are expected to sign an agreement on August 3 that will create a trust fund to manage international contributions to the Yasuni – Ishpingo Tambococha Tiputini (ITT) initiative.

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EFE – Ecuador Oil Firm Says It Needs 75 Days for Oil Spill Clean-Up

Chevron Ecuador — Mon, 26 Jul 2010 21:02:13 +0000

Petroecuador, Ecuador’s state-run oil company, spilled oil and is affecting local inhabitants:

State-owned Petroecuador estimated that it will take two and a half months to clean up a heavy diesel fuel spill that contaminated the Teaone River in the northern coastal province of Esmeraldas.

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MarketWatch – Perenco seeks compensation from Ecuador

Chevron Ecuador — Mon, 26 Jul 2010 20:59:38 +0000

Perenco weighs its options following the termination of its contracts with Ecuador:

Anglo-French company Perenco Corp. is analyzing Ecuador’s decision to end its contracts in the Andean country, and is hoping a tribunal will order compensation.

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AP – Ecuador president imposes oil nationalization law

Chevron Ecuador — Mon, 26 Jul 2010 20:55:54 +0000

Ecuador is implementing a law that will allow the government to nationalize private oil companies:

President Rafael Correa announced Saturday that he will enact a change to Ecuador’s hydrocarbons law allowing the government to nationalize oil fields if a private operator doesn’t comply with local laws.

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EFE – Ecuador to sign agreement creating Yasuni-ITT fund on Aug. 3

Chevron Ecuador — Mon, 26 Jul 2010 20:09:01 +0000

The proposal to obtain international funds in lieu of developing Ecuador’s rainforests moves forward:

The Ecuadorian government and the United Nations Development Program are expected to sign an agreement on Aug. 3 creating a trust fund to manage international contributions to the Yasuni-ITT initiative.

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Reuters – Ecuador’s Correa: has not ruled out new elections

Chevron Ecuador — Mon, 26 Jul 2010 20:02:20 +0000

Ecuador President Rafael Correa leaves open the possibility of another election:

Ecuadorean President Rafael Correa left the door open on Sunday to dissolving the Andean nation’s legislature and calling for new general elections, about a year after the last poll.

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Dow Jones – Ecuador Ministry Cancels Perenco’s Oil Contracts

Chevron Ecuador — Fri, 23 Jul 2010 20:58:16 +0000

French oil company Perenco’s contract with Ecuador has been cancelled:

Ecuador’s Nonrenewable Natural Resources Minister, Wilson Pastor, has canceled the oil contracts of Anglo-French company Perenco Corp.

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Dow Jones – Ecuador Minister Warns Against Proposed Reforms To Oil Law

Chevron Ecuador — Fri, 23 Jul 2010 20:56:49 +0000

A hydrocarbons law proposal is debated in Ecuador:

Ecuador’s Minister of Nonrenewable Natural Resources Wilson Pastor warned Thursday that suggested reforms to a proposed hydrocarbons law would prevent contract changes for “marginal” oil fields.

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Dow Jones – Ecuador’s Government Fails To Pass Monetary Law

Chevron Ecuador — Thu, 22 Jul 2010 20:41:28 +0000

Ecuador President Correa’s party fails to pass monetary law reform:

Members of Ecuador President Rafael Correa’s party in the legislature failed to pass a controversial monetary reform bill Tuesday aimed at using Central Bank deposits to fund investment projects.

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Dow Jones – Ecuador Leader Falters in Bid to Consolidate Power

Chevron Ecuador — Tue, 20 Jul 2010 21:51:45 +0000

This article profiles some of the efforts Ecuadorian President Rafael Correa has made to consolidate his power:

Ecuadorean President Rafael Correa twice won the country’s presidency after waging political war on various sectors, but the populist strategy may be coming back to haunt him as further confrontations with onetime supporters are seen undermining his strength in Congress.

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Bloomberg – Ecuador Banks Increased Loans Spurring Rebound, Policy Minister King Says

Chevron Ecuador — Mon, 19 Jul 2010 21:32:13 +0000

News on Ecuador’s economy:

Ecuador’s economy is “in a recovery phase” and growth picked up in the second quarter as commercial lending increased and businesses boosted output and added workers, Economic Policy Minister Katiuska King said.

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The Economist – Ecuador’s leftist strife – Spearheading dissent, Indigenous groups accuse a radical president of selling out

Chevron Ecuador — Fri, 16 Jul 2010 18:39:04 +0000

The Economist profiles Ecuador President Rafael Correa, and discusses the indigenous population’s opposition to current oil drilling on their land:

The combative Mr Correa has treated his former supporters little better than he does foreign bondholders. He has called Marlon Santi, the president of the indigenous umbrella group, “incompetent”, and referred to protests over potential oil exploration as “foolish”.

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Platts – Ecuador starting $400 million Esmeraldas refinery upgrade

Chevron Ecuador — Fri, 16 Jul 2010 17:40:27 +0000

State-run oil company Petroecuador is receiving an upgrade at one of its refineries:

Ecuador on Wednesday started a $400 million upgrade program at state-led Petroecuador’s Esmeraldas refinery, government news agency ANDES reported.

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