|
|
Article: Perenco Warns That Suspension of its Contracts With Ecuador is Imminent due to Ecuador's Refusal to Comply With International Arbitration Tribunal Orders.
- Article from:
- Health & Medicine Week
- Article date:
- July 27, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Perenco Ecuador Limited ("Perenco Ecuador") and its consortium partner, Burlington Resources Oriente Ltd. ("Burlington"), announced that suspension of their participation contracts with Ecuador is imminent unless the Government of Ecuador complies with orders of two international arbitration tribunals that prohibit the Government from seizing oil produced by the consortium (see also Perenco Ecuador Limited).
Perenco Ecuador is the Operator of Blocks 7 and 21 in Ecuador. On February 19, 2009, the Republic of Ecuador and its oil company, Empresa Estatal Petroleos del Ecuador ("Petroecuador"), commenced a coercive process to collect from Perenco Ecuador ...