Ecuador: In a hurry to mend the past
After a decade marred by corruption and legal disputes, Ecuador’s reformist government wants a more investment-friendly exploration regime
The new order started in August with the completion of the merger of the mining and energy ministries into the hydrocarbons ministry, following years of scandal and wholesale sackings. Over the next few months the revamped ministry will start handing out licences under new profit-sharing contracts. The merger was forced by the minority, left-wing government of president Lenín Moreno who seems intent on cleaning out endemic corruption in state-owned oil and gas companies and encouraging stable leadership. In July, for example, PetroEcuador gained its ninth chief executive in 41 months with the appointment of Marcelo Proaño in place of Carlos Tejada who resigned "for personal reasons" after le
Also in this section
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well