Ecuadorian Mining and Oil Minister Derliz Palacios on Friday announced an unilateral end to the contract with Spanish oil company Repsol.
"Ecuador has decided to end the work relationship with Repsol and we have arranged Petro-Ecuador (Ecuador's national oil company) to start the anticipated end of the contracts," Palacios told a press conference.
He said that Repsol was notified of the decision on Thursday.
"They have constantly changed their criteria and they have not allowed us to negotiate for its lack of seriousness to keep their compromises," Palacios said without elaboration.
Repsol has three exploitation contracts lasting till 2012 in the Amazon region, with an average output of 63,000 barrels a day.
According to reports from Spain, Repsol's spokesman said the company still hopes to reach agreement with Ecuador after the Ecuadorian decision.
Source:Xinhua
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