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News // Companies

Ecuador Earned $930 mln on Oil

04 December 2006 , 13:18425
State management of oil fields formerly run by US oil firm Occidental Petroleum Corp. generated some US$930 million for Ecuador in the last six months, the government said Sunday.

Ecuador cancelled Los Angeles-based Occidental's contract and seized its assets in May, claiming the oil company breached its contract by transferring 40 per cent of its concession to EnCana Corp. in 2000 without authorization from the Energy Ministry.

State-run Petroecuador said in a statement published in the El Comercio newspaper that Ecuadorean management of Occidental's jungle oil fields from May 17 to Nov. 27 brought in US$930 million on production of 97,000 barrels per day.

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