Article: Ecuador : Ecuador, Petrobras Agree to Transfer Block 31 to State.

Byline: pinto03

The Ecuadorian government and Brazilian state-run oil firm Petrobras agreed to finish the contract for block 31, which will be transferred to the state, President Rafael Correa said Saturday.

"Other good news for Ecuadorians...After hard negotiations with Petrobras and although it has $200 million in investment, we the government got the Company to transfer the block 31 to Ecuador. It is in Petroecuador's hands," Correa said during his weekly address, but didn't give further details.

Block 31 has 200,000 hectares, some within the Yasuni National Park, which Unesco has declared a world biosphere reserve. Petrobras hasn't started ...

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