Companies that do not reach terms by midnight will be paid for the investments they have made in the country and asked to leave, according to President Rafael Correa.
The new contracts - meant to replace profit-sharing schemes with deals featuring flat service fees - are a key part of Correa's effort at increasing state oil revenue.
The government said ENAP, which produces 13,600 barrels of crude per day in various fields in eastern Ecuador, would become the first company to agree to the new pacts in a signing ceremony scheduled for today.
Brazil's
