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Ecuador Political News

8/4/09 – Ecuador Take-Over of Perenco

“Ecuador Take-Over of Perenco
Petroleum Economist, August 4, 2009

“The state’s take-over of two oil concessions held by France’s Perenco would put future foreign investments at risk, the French government told the country last month. Perenco ceased its oil operations last month after a tax-dispute with the government saw the state take 70% of output from its oilfields in the country, which produce 21,000 b/d. The World Bank’s arbitration panel has also condemned the expropriations; however, the government is adamant that Perenco owes it over $300m in taxes.”
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