(ADPnews) - Nov 24, 2010 - Spanish oil and gas company Repsol YPF (MCE:REP) agreed yesterday to replace its oil contracts in Ecuador with service contracts and promised to invest USD 293 million (EUR 219.9m) in its local fields.
The company will invest USD 282 million in oil production activities in the block 16 and Bogui Capiron field and USD 11 million in exploration works as part of the new contracts, Ecuador's Government said.
Ecuador will own the oil output and will pay a fee of USD 35.95 per produced barrel to Repsol.
The …
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