Ecuador

Ecuador is following the more typical course of Latin American countries by privatizing most state-owned nonenergy assets and selected energy assets. The state oil company Petroecuador, which was the 48th-largest producer of petroleum and the 58th-largest refiner in the world during 1993, and other strategic sectors will be privatized through awarding concession contracts instead of direct sale or the sale of equity shares {see Endnote 75}.

During 1995, five production-sharing contracts were signed following the seventh round of contract solicitations. Among the companies awarded contracts were the U.S. companies Oryx and Triton and the Kuwaiti Sante Fe Minerals and Energy {see Endnote 76}. Amoco and Mobil have a joint venture to operate a 25-year concession in a production block in the Amazon Basin. Oryx has taken over the operation of an oilfield joint venture with Ecopetrol, which currently produces 8,000 barrels per day. Oryx also leads a consortium that won a 25-year production-sharing concession for an oil field block.