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Wednesday, July 25, 2007

Ecuador Renegotiates Foreign Oil Deals

Quito, Jul 24 (Prensa Latina) Ecuadorian Minister of Oil and Mining Galo Chiriboga said on Tuesday he wants to renegotiate oil contracts with foreign companies to achieve a better distribution of profits.

"We should adjust the agreements from the existing legal distribution bases established by the previous government" to improve them for the benefit of Ecuadorians, stressed Chiriboga.

Chiriboga defended the first steps made in this regard by Alberto Acosta, the previous minister of the sector, and announced he will continue the course taken by his predecessor.

Discussing a fall in oil production compared to last year, the minister said that several oil wells have entered a natural declination process, and technological effort is needed to recover the levels previously reached.

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