Ecuador's oil minister says Spanish oil company Repsol-YPF has agreed in principle to receive a fee for its services rather than keep a portion of the crude it pumps.
Oil Minister Galo Chiriboga says that Repsol has dropped three claims against the government it brought before a World Bank arbitration body in June. He says Repsol will return 936,000 barrels of crude oil worth US$100 million.
Repsol did not comment Tuesday. Still pending is an arbitration claim disputing a 2007 law giving the state 99 percent of windfall profits — earnings on oil sold above prices fixed in company contracts.
Ecuador has been renegotiating contracts with international oil companies to boost state control over the country's crude.
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