ANNOUNCEMENT 27 Jul 2010
The Government of Ecuador enacted a new hydrocarbons law that seeks to give effective control of the industry to the State.
NUMBER OF INTERVENTIONS
UNCTAD Investment Policy Hub. Ecuador. New hydrocarbons law. Available at: http://investmentpolicyhub.unctad.org/IPM/MeasureDetails?id=537&rgn=&grp=&t=&s=&pg=152&c=&dt=&df=&isSearch=false
Official Gazette of Ecuador. Registro Oficial. Proyecto de Ley Reformatoria a la Ley de Hidrocarburos y a la Ley de Regimen Tributario Interno. Available at: http://documentacion.asambleanacional.gob.ec/alfresco/d/d/workspace/SpacesStore/82a14886-0ba1-42ac-88ee-2e1437342f27/Ley%20Reformatoria%20a%20la%20Ley%20de%20Hidrocarburos%20y%20a%20la%20Ley%20de%20R%C3%A9gimen%20Tributario%20Interno
On July 27, 2017, the Ecuadorian Government passed a new hydrocarbon law obliging oil companies to renegotiate their contracts. The new law mandates contracts to be conceived as service agreements instead of production-sharing agreements. With this change, oil companies will receive a fixed fee per barrel rather than shares of production, so that the remaining revenue will be accrued by the government.