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http://www.gulf-times.com/site/topics/printArticle.asp?cu_no=2&item_no=399848&version=1&template_id=48&parent_id=28



Most oil firms will sign new deals: Ecuador
      Publish Date: Sunday,21 November, 2010, at 12:00 PM Doha Time 




Reuters/Quito



Ecuador is on the brink of signing new contracts with most private oil 
companies operating in the country as the state tries to increase revenue from 
the sector, but a top official warned there may be some hold-outs.
 
Tuesday is the deadline for executives to ink new deals that would throw out 
profit-sharing arrangements in favour of flat-fee service contracts. Several 
companies, such as Brazil's Petrobras and two companies controlled by China's 
top oil and gas company CNPC, have balked at the terms.
 
Wilson Pastor, Ecuador's minister for oil policy, said: "Those who do not sign 
on Tuesday will not sign at all, definitely".
He added Ecuador TLC, a unit of Petrobras, is holding out, but that contrary to 
some media reports it has not decided to reject the deal.


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