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  HOME | Ecuador (Click here for more)

Ecuadorian State Oil Firm’s Output Climbs in 2nd Half of 2010

QUITO – Ecuadorian state oil firm Petroecuador’s output rose by 7,000 barrels per day from 136,000 bpd to 143,000 bpd in the second half of 2010, the firm’s exploration and production manager said Wednesday.

Production at Petroecuador’s fields in the Amazon District rose thanks to the drilling of 49 new wells and maintenance work on other wells that are already being developed, Dallton Muñoz said.

The areas in which production climbed in the year’s second half were Shushufindi, where the daily average rose to 48,000 barrels, and Auca, where output increased to 38,000 bpd, Petroecuador said in a statement.

New technologies also will be used next year to optimize reserve recovery, Muñoz said.

“For each barrel of oil that’s extracted, the same amount of crude must be discovered to guarantee the reserves,” he said.

Oil is Ecuador’s main export and revenue from oil exports finances roughly 25 percent of Ecuador’s public spending.

Ecuador produces around 500,000 bpd of crude in all, down from 600,000 bpd two years ago; Petroecuador’s output has fallen nearly 20 percent since 2008.

Last month, Ecuador completed contract renegotiations with foreign oil firms, a process that saw previous production-sharing deals changed to service-provider arrangements. The new contracts are scheduled to enter into effect on Jan. 1.

Spain’s Repsol-YPF and other foreign oil firms accepted the new conditions, but Brazil’s Petrobras and other smaller companies instead opted to leave the country. EFE
 

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