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Ecuador Plans to Increase Oil Output to 550kbpd by End 2025

OIL

Ecuador is planning to increase oil production to 550kbpd by the end of 2025, from 485kbpd currently, as it grants foreign producers contract extensions that had been on hold, the energy minister Andrea Arrobo said.

  • The current government is planning to relaunch offers for areas that the previous administration failed to allocate.
  • The country’s oil production declined in recent years due to instability, lack of energy company interest and frequent contract changes. In addition, Ecuador has been forced to renegotiate oil-for-debt deals.
  • Output peaked at 560kbpd a decade ago.
  • This week, the Noboa government signed an oil contract extension that was on hold with Andes Petroleum, a consortium including CFNPC. It plans to soon sign a similar one with ENAP Sipetrol, a unit of Chile’s ENAP, the minister said.
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