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Petrobras denies irregularities in Ecuador |
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11:07, July 06, 2007 |
Brazil's state-owned oil and gas company Petrobras released a statement Thursday denying irregularities in its operations in Ecuador.
Following an investigation endorsed by the Ecuadorian government, Petrobras stands accused of transferring 40 percent of its operations in Ecuador to Japan's Teikoku Oil without the consent of the local Ministry of Energy in 2005.
The investigation report alleged that the Brazilian company illegally explored a well, leading to a dispute with the state-owned Petroecuador.
The report also suggested suspension of the contract with Petrobras and confiscation of the company's assets in the country as punishment for the irregularities.
Petrobras stressed in its statement that it had not been officially notified of the accusations, and it has followed all requirements in all legal, contractual and administrative acts in Ecuador.
The oil and gas company added that it expects the Ecuadorian government to "disregard the accusations involving reserve acquisitions which may have been the justification for the investigation," as it "has requested all formal authorizations issued by the competent regulatory bodies."
In addition, the statement stressed that Ecuador's control agencies have always made favorable remarks regarding Petrobras' "hydrocarbon reserve acquisitions" in that country.
Petrobras currently produces 35,000 barrels of crude oil per day in Ecuador.
Source: Xinhua
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