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Jan 01, 2010

Take over Petrobras oil fields

After the new hydrocarbons law came into effect earlier this year, many oil comapnies have renegotiated their contracts. However, Brazil's national oil company Petrobras refused to renegotiate their contract. As a result Ecuador has taken over Petrobras's oil fields. Petroecuador, the state oil company, will take possession of fields representing 14 percent of Ecuador's total output over the next 120 days, giving it a total of 64 percent.

Type: Treatment and operation (Nationalizations and expropriations)

Industry: Primary (Mining and quarrying), Manufacturing (Manufacture of coke and refined petroleum products)