Oil Output Seen up 9 % at 550,000 bpd by Year-End

Source: Reuters 11/19/2013, Location: South America

Ecuador's oil production should rise to 550,000 barrels per day (bpd) by the end of this year, the oil minister said on Tuesday, up from an average of 504,000 bpd last year.

Investments by Petroamazonas, the operations division of state oil company Petroecuador, and by private companies were key to the projected increase, said Pedro Merizalde, the minister for non-renewable resources.

The government of President Rafael Correa revamped the country's oil field contracts in 2010 by ordering joint venture partners to become service contractors.

Merizalde said in a statement that private energy companies working in Ecuador were on track to exceed an agreement made in 2010 to invest some $1.143 billion over three years.

"By next December it is estimated (that they will have invested) more than $1.253 billion," the minister said.

Petroamazonas accounts for just over 60 percent of the crude pumped in the South American OPEC nation. The statement says it will invest between $800 million and $1 billion in drilling and maintenance at its wells this year.


Australia >>  8/12/2022 - Jadestone Energy plc (“Jadestone”, or the “Company”) an independent oil and gas production company focused on the Asia-Pacific region, provides the fo...
Nigeria >>  8/12/2022 - ADM Energy PLC, a natural resources investing company, is pleased to announce the completion of the 17th Lifting ("Lifting") at the Aje Field, part of...

Brazil >>  8/11/2022 - Alvopetro Energy Ltd. announces operating and financial results for the second quarter of 2022 including record funds flow from operations of $12.4 mi...
Iraq >>  8/11/2022 - Genel Energy notes that DNO, as operator of the Tawke PSC (Genel 25% working interest), has issued an update on licence activity

Gross prod...


Colombia >>  8/8/2022 - - Average Total Production of 30,607 BOPD, Highest since Fourth Quarter 2019
- Total Average Production Up 4% from First Quarter 2022 and 33% fr...

Ghana >>  8/8/2022 - Kosmos Energy Ltd. announced its financial and operating results for the second quarter of 2022. For the quarter, the Company generated a net income o...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.