City Oriente, Ecuador and Oil (an update)

I learned that the government of Ecuador and City Oriente have come to terms, cancelling City's oil contract.

Background on the topic is here.

The price is fair to both parties--probably about a quarter of the value of proven reserves which is good for Ecuador but enough to pay for time, expense and investment with a reasonable profit for City Oriente.

I wish the best for Ecuador and president Correa. This has potential to be a win-win situation.

It remains within the realm of possibility that my family may be able to assist Ecuador in the takeover and significantly improve their production without the inherient risk of owning property in a foreign land and all that entails.

At the end of Confessions of an Economic Hitman, John Perkins spoke of an ancient prophesy, where the condor and the eagle will join forces in a new era of cooperation.

We can hope.