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In the Weekly Review # 33, August 27 - 2010-07-16 / 10:25
Crack Opens for New Contracts
The new oil authorities ditched a draft of new oil law and a cumbersome new draft contract, opted instead for a bill of urgent law that introduced key changes in the oil legislation, rammed it through the Assembly preempting a vote on the bill, produced a workable draft of new contract, and brought oil companies to the negotiation table.
Previously, the outlook was for a deadlock. Now a crack opens for agreements to be reached, provided the new contract allows companies to meet at least their minimum yield expectations. The government needs to maintain some of the current operators if its plans to increase oil output to pan out...
Grupo Spurrier is the leading company in the development of key solutions and services for business success; it specializes in monitoring the economy and politics of Ecuador, as well as on economic research, market research, and corporate and academic training.
