Ecuadorean President Lenin Moreno on Nov. 19 named a close ally as the new energy minister as the Andean nation seeks to boost oil production and expand its mining sector.
Civil engineer Jose Agusto replaces Carlos Perez, who resigned last week for personal reasons. Agusto has previously worked as an adviser to the president and energy ministry and has served as on the board of state-owned companies Petroecuador and Petroamazonas.
Agusto will continue working on the government’s “road map” to promote public-private partnerships and the responsible use of the country’s natural resources, the ministry said in a statement.
He takes over only a month after Moreno was forced to scrap a planned elimination of costly fuel subsidies following violent protests by indigenous groups opposed to the measure. Moreno has not yet explained how his government will close the budget deficit, which has historically been widened by the subsidies.
Ecuador is also launching a bidding process for the construction of a new refinery with a capacity of up to 300,000 barrels per day (bbl/d) and a concession for a 480-megawatt hydroelectric plant.
Ecuador, which produces about 545,000 bbl/d, has announced its withdrawal from OPEC as of January 2020 due to fiscal problems.
The 27 high-impact discoveries made by wells drilled last year collectively pushed discovered commercial volumes to a level not seen since 2015, report shows.
Bringing directional drillers together in the Permian Basin has resulted in improved communication and more sharing of knowledge, a company engineer says.
The Anadarko Basin’s Simpson shale formation is being called “one of the biggest yet-to-be-developed shale plays in the United States.”