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Ecuador’s oil industry struggling to find its way

Resource nationalism has returned to the fore in Latin America following the government takeover of YPF in Argentina

In Quito, the move recalled President Rafael Correa’s own efforts to remake Ecuador’s oil sector. A year and half after Correa forced contract renegotiations on foreign investors, though, the Opec member’s oil industry is struggling to find a clear direction. The government’s take from the industry is up since Correa forced foreign investors sign on to new service contracts. Indeed, from the government’s point of view, the takeover was well timed, as it has coincided with a steep rise in oil prices. The government pays oil companies an average of around $35 per barrel produced under the new contract terms, meaning that the government, not companies, has been the biggest winner in the countr

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