Ecuador is a tough economic jurisdiction. There has been recurring issues regarding taxation and government take.
Wilf Gobert
And as we know, the Indians and the Chinese are buying assets everywhere in the world.
world chinese
Given that it's the deepest well ever drilled, you might describe it as a new frontier, except the frontier isn't farther out geographically; it's farther down toward the core of the earth.
earth
government issues taxation
You might have thought in this price environment [0-a-barrel oil] that you might have got a bonus, but Ecuador is a difficult political and economic regime for the oil industry.
environment thought political difficult price industry oil
For Petro-Canada, it's a great price relative to the return they're earning, and they're not exiting the country. They're only exiting that contract, that asset.
price country great return
I think this signals the looming departure of John Lau.
john
There's a bit of a mentality in the industry that if you don't have the land, then you're short of luck.
luck mentality land industry short
I think the big picture restructuring is probably complete. But they could be opening the door to doing something larger on the acquisition side.
door acquisition picture big side
The name never came up. It's bizarre.. Is Shell going to compete with itself, or is this a way of not diluting its interest (with other investors)?
interest bizarre
It was disappointing, especially given that we are in such a rich market for oil and (refined) products. But on the other hand, if these issues are going to hit you, better that it happen in such a strong price environment.
environment products strong market issues hand price rich oil
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