Ecuador's oil and gas sector has reached a pivotal point in its history.
After several years of fairly brisk activity, foreign operators recently began scaling back exploration in Ecuador. They cited results that haven't met expectations and persistent delays in obtaining approval by state owned Petroecuador for development of reserves that have been discovered.
Foreign oil companies had anticipated the pace of development would accelerate in Ecuador in early 1992, but major projects generally remained in limbo for most of this year (OGJ, Mar. 23, p. 23). At presstime, however, there were signs of an encouraging follow-through ...