Ecuador reaches agreement with Repsol-YPF

Nov 06, 2008 01:00 AM

Ecuador's government has reached an agreement with Spanish oil major Repsol-YPF for the firm to continue operating in the country.
Repsol operates block 16 as well as the Bogui Capiron and Tivacuno fields. The company agreed to sign a one-year accord while negotiating the transition to service provider contracts.

The announcement marks a reversal in the government's stance after the mines and oil ministry ordered the Repsol contracts cancelled earlier. President Rafael Correa had said he viewed attempts by Repsol representatives to make last-minute contact with the government as "too late".
Repsol produces an average 50,000 bpd from the fields, located in Orellana province.

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