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Ecuador Eyes Foreign Investment To Boost Oil Output

OIL

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.
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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.