Petroecuador presents USD 12 billion plan to double production

By : Dr. Franyi Sarmiento, Ph.D., Inspenet, March 11, 2022

State oil company Petroecuador presented a plan to double its oil production from the current 395,000 to 804,000 barrels a day by 2025. In 2022, Petroecuador plans to incorporate an additional 100,000, with an investment of USD 437 million.

The ambitious plan, which runs until 2025, will require USD 12 billion in investments for eight exploration and production, refining and transportation projects, according to Ítalo Cedeño, manager of Petroecuador. The investments will be made by private companies in association with Petroecuador.

The goal of 804,000 barrels per day includes the use of 110 million cubic feet of associated gas, which is burned in 355 burners, and which will be incorporated into oil production. The use of associated gas is also a request from the Constitutional Court, which gave Petroecuador a period of two years to stop burning associated gas in lighters in the Amazon.

According to Cedeño, Ecuador has some 45,000 million barrels of oil in place, but has extracted 6,500 million barrels; that is, 14% of the total. Among Petroecuador’s challenges is the development of three large oil projects: the East Center, the West Center and the Amistad offshore gas field.

“We cannot leave that oil in the subsoil, we have to recover it, now or never,” Cedeño commented.

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