November 22, 2022 09:07 GMT
Ecuador is looking to attract foreign private investment for its major oil blocks to boost the county’s oil output, the country's energy minister Fernando Santos said on Monday.
- The government aims to raise output from 490kbpd to 600kbdp by 2025.
- Together the major two blocks, ITT and Sacha, produced close to 118kbpd on Friday, according to official figures.
- The plan would allow private companies to help state-run oil firm Petroecuador up output via service provision contracts, Santos told Reuters in an interview.
- Petroecuador will take a decision about the two oil blocks in the first few days of 2023, Santos said.
- Production could rise by 30kbpd in 2023 if environmental permissions are given to operate four new perforation platforms at the Ishpingo field, part of ITT, Santos said.