PETROECUADOR INHERITS TEXACO VENTURE'S HELM

08/06/1990
Petroleos del Ecuador has taken over as operator of its joint venture with Texaco Inc. that accounts for more than two thirds of Ecuador's crude oil production. Depending upon the outcome of a separate Texaco proposal involving a tertiary oil recovery project, the move could presage Texaco's exit from Ecuador in 2 years. Petroecuador is pressing efforts to boost production from the joint venture area in the central Oriente jungle region. Meantime, Petroecuador plans to offer four exploration blocks of about 500,000 acres each in its seventh round of bidding Aug. 15. Three of the blocks are in the north and north...
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