Ecuador expects foreign oil companies to invest around US $ 42,000 million in the sector over the next five years, He said Wednesday The Interim Energy Minister, Inés Manzano, as part of President Daniel Noboa’s plan to boost production.
The country’s pumping has gradually fallen in recent years due to the lack of investment, a natural decline of its oil deposits and operational problems.
“This investment plan that includes a period from 2025 to 2029 and a projected amount of approximately US $ 42,000 million It is consolidated as an instrument that marks the road map for the transformation of the hydrocarbon sector, “said the official.
In the coming years, oil production should increase from 475,272 barrels per day (BPD) registered in 2024 by the Petroecuador state company and private companiesat a maximum of just over 600,000 BPD, according to a presentation of the government.
However, by 2028 that figure will fall to about 395,644 BPD, according to the presentation.
