Ecuador seeks talks on hike in state oil revenue

QUITO, Oct 5 (Reuters) - Ecuador is seeking negotiations with foreign oil companies to ensure they stay in the country under terms favorable to government after hiking the state's share in their windfall oil revenue, Oil Minister Galo Chiriboga said on Friday.

He said the government expected to gain about $830 million a year from its move to force foreign oil companies to hand over almost all of the extra revenue they earn when oil prices rise above a set benchmark price.

Oil operators previously had to give the state 50 percent of that extra revenue.