Noble Ecuador PSC in doubt
Noble Energy has received notice from Ecuador’s government concerning the termination of the offshore block 3 production sharing contract (PSC) with Noble subsidiary EDC Ecuador.
Nov 29th, 2010
Offshore staff
HOUSTON -- Noble Energy has received notice from Ecuador’s government concerning the termination of the offshore block 3 production sharing contract (PSC) with Noble subsidiary EDC Ecuador.
Recently, Ecuador enacted a hydrocarbon reform bill requiring all existing PSCs to be renegotiated as service contracts by Nov. 23, 2010.
Noble, which has a 100% interest in the block, says the service contract has not been re-negotiated, but it continues to work with the government to resolve this matter.
11/29/2010