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Ecuador probe to include other firms beside Petrobras
Petroleumworld
CARACAS
Petroleumworld.com 07 17 07
Xavier Garaicoa, Ecuadorian prosecutor said that an investigation by his office into operating contracts with Petrobras Argentine subsidiary Petrobras Energia will be widened to include similar contracts with other foreign energy companies, the El Comercio newspaper reported Thursday.The investigation was focus on Petrobras Ecuador's block 18, Palo Azul 1 and Palo Azul 2 oil fields, Garaicoa was quoted as saying. During the transfer of stakes in the oil blocks, "apparently legal prerequisites were not obeyed," the prosecutor said.
Originall the investigation was concentrating on irregularities during a transfer of a 40% stake of block 18 and another oil block from Petrobras Energia to Japan's Teikoku Oil Co. Ltd.
Petrobras Energia said that the whole deal was within regulations, the company has fulfilled all legal requirements and holds all correct authorizations to complete the transfer of the stake
Garaicoa's investigation probe on 2002 merger between the Palo Azul 1 and the Palo Azul 2 fields. The two oil fields were declared one because they are linked by water, but a recently completed government-sponsored report said the two oil fields aren't linked, and therefor Petrobras wasn't entitled to operate them. Palo Azul 2 previously belonged to a unit of Ecuador's state-oil company Petroecuador.
Petroleumworld 16 07 07
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