Ecuador's government has reached an agreement with Spanish oil major Repsol YPF (NYSE: REP) for the firm to continue operating in the country, according to a presidential statement.
Repsol operates block 16 as well as the Bogui Capirón and Tivacuno fields.
The company agreed to sign a one-year accord while negotiating the transition to service provider contracts.
No further information about the deal's terms was given as a press conference is planned.
The announcement marks a reversal in the government's stance after the energy ministry ordered the Repsol contracts cancelled earlier this week. President Rafael Correa had said he viewed attempts by Repsol representatives to make last-minute contact with the government as "too late."
Repsol produces an average 50,000b/d from the fields, located in Orellana province.
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