The state of emergency will allow state oil company Petroecuador to avoid the paperwork associated with public company operations - for example, tender processes - and concentrate on operating the assets, a Petroecuador spokesperson told BNamericas, confirming local press reports.
Production levels remain roughly at the normal 100,000 barrel-a-day level.
The company will operate under the state of emergency until a special committee selects a state-owned company to operate the assets, the spokesperson said. The committee was appointed by presidential decree on Monday.
Chile's state oil company Enap, Brazil's Petrobras (NYSE: PBR) and China's Sinopec as well as Indian and Russian state-owned companies have expressed interest in the block, with Colombia's Ecopetrol interested in providing technical assistance, the spokesperson said.
Ecuador expropriated Oxy's assets alleging the US company transferred a 40% stake in block 15 to Canadian oil firm EnCana (NYSE: ENC) in 2000 without government permission, overproduced some wells and did not comply with the block's investment plan.
Oxy responded by filing an arbitration claim with the International Center for Settlement of Investment Disputes (ICSID).
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles
From the Career Center
Jobs that may interest you