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Brazil Petrobras says to keep investing in Ecuador

Thu Aug 7, 2008 1:17pm EDT

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QUITO, Aug 7 (Reuters) - Brazilian oil company Petrobras (PETR4.SA) said on Thursday it would continue to invest in Ecuador, after agreeing with the government to switch to a new service contract, which means it will be paid a fee for extracting oil instead of keeping part of the crude.

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Petrobras said it planned to increase production in Ecuador by 5,000 barrels per day this year. Details of the new contract were still being worked out and no date has been set for the change over. (Reporting by Alonso Soto; writing by Patrick Markey)

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