Ecuador's State Oil Company Looks to Double Output in Five Years

To achieve this goal, "private capital and adequate regulations to provide legal certainty" will be needed, the company said in a statement.

Alexandra Valencia, Reuters

Petroecuador, Ecaudor's state-owned oil company, on March 11 said it will look to double production to 800,000 barrels of oil equivalent per day (boed) in the next five years, which will need private sector investment worth some $12 billion.

To achieve the goal, Petroecuador hopes to team up with private-sector oil companies via consortia to develop large blocks of hydrocarbons o land and offshore, as well as include associated gas and liquids output to current production, which sits at around 400,000 boed.

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