Oil Contracts Report Submitted, Petrobras Focus Denied

A commission that Ecuador's President Rafael Correa created earlier this year to audit oil contracts has submitted its report to energy and mines minister Jorge Alban, a ministry spokesperson confirmed to BNamericas.

Correa tasked the commission with investigating contractual compliance including operational and environmental performance.

The minister and a team of advisors will now review the report to determine what course of action to follow, the spokesperson said. The minister has not said when a decision is expected as the report is "pretty thick."

The official said press reports announcing the possible rescission of Brazilian federal energy company Petrobras' (NYSE: PBR) contract are speculation, and that the report was all-inclusive and not focused on Petrobras.

The ministry's website lists 47 oil contracts in force held by City Oriente, Burlington Resources, CNPC, Petroriente, Perenco, Repsol YPF (NYSE: REP), Agip Oil, Tecpecuador, Petrobell, Texaco-Pecten, BP (NYSE: BP), Esso, Petro-Canada (NYSE: PCZ) and ConocoPhillips (NYSE: COP), among other companies.

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