Ecuador's new contract model pays dividends

摘要

Private-sector investment in Ecuador's upstream oil industry by the end of this year will reach $1.25 billion for the first three years under new contract rules, Oil Minister Pedro Merizalde said Tuesday. The amount tops the $1.14 billion agreed to by mostly foreign companies, including Repsol and Chinese-owned Andes Petroleum and Petroriental, for the three-year period when they signed the contracts in late 2010 and early 2011, he added in a speech before industry officials.