President Rafael Correa of Ecuador says his country wants to buy out private oil companies who are unwilling to negotiate new deals.

An October decree by Correa slashed the share of windfall oil profits to 1 percent for a lot of private companies.

Correa has now offered to boost those companies shares to 30 percent of windfall profit, on the condition they drop lawsuits against Ecuador.

He has said, if companies aren't happy with the new offer, his government will buy the oil assets at 'a fair price.'

Windfall profits are unexpected earnings on oil sold for more than the price fixed in a company's contract.