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Petrobras was the only major foreign energy company that refused to accept new conditions set by the Ecuadorian government that would increase its share of petroleum revenue from 70% to 80%. It also wants windfall profits from future oil price hikes to go to the state.
Petrobras produces about 20,000 bbl per day from Block 18 and the unified Palo Azul oil field in the Ecuadorian Amazon
However, the nation's biggest foreign oil company, Repsol-YPF, accepted new contract terms.
