|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Ecuador (Click here for more)

Ecuador Begins Process of Canceling U.S. Gas Firm’s Contract

QUITO – The Ecuadorian government said Friday that it started the process of canceling its contract with U.S.-based Energy Development Corporation over non-compliance with investment obligations at a field in the Gulf of Guayaquil.

The Non-Renewable Natural Resources Ministry said it agreed to a formal request from state oil company Petroecuador and has given EDC two months to comply with its annual budget or provide proof it has fulfilled the terms of its contract.

The ministry said Jan. 7 that Petroecuador asked it to cancel EDC’s gas exploration and production contract over the firm’s failure to make agreed-upon investments in Campo Amistad, a gas field in the Gulf of Guayaquil.

In a statement, the ministry said it has begun the cancellation process and that, in accordance with the law, “has granted (EDC) 60 days to comply with its unfulfilled obligations” or successfully dispute the accusations.

EDC signed a contract in July 1996 to operate the coastal Block 3, which includes the Amistad field; it went into effect for a period of 25 years beginning in 2001, when the company began gas production activities.

The National Hydrocarbons Directorate, which oversees oil and gas operations in Ecuador, says EDC produces 28.4 million cubic feet of natural gas per day from a reserve estimated to contain 200 billion cubic feet of gas.

Ecuador’s leftist government instituted so-called “coactiva” proceedings against Anglo-French oil company Perenco last year to enforce payment of some $327 million in alleged unpaid debt.

Ecuador in 2006 also decided to cancel a contract with Occidental Petroleum for a block in the Amazon region, accusing the California-based firm of transferring 40 percent of its stake to Canada’s Encana without authorization. EFE
 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2019 © All rights reserved