Ecuador bid plan in doubt

A group of foreign oil companies in Ecuador have said the government’s plans to seek fresh investments to raise crude output faces risk of failure because of unattractive contract terms. Six oil companies said in a letter to President Lucio Gutierrez that the norms for the bid “are not economically attractive for the private investment the government is seeking.” “We consider that this situation puts at risk the success of the announced oil bid, which is so necessary for the Ecuadorean economy,” said a copy of the letter. Representatives of EnCana, Repsol, Agip, Perenco, Occidental and Petrobras also said a law under debate in Congress on oil policy could clash with contract conditions and create an unstable investment climate.

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