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.
Recommended Reading
Beyond Energy: EnergyNet Expands Marketplace For Land, Real Assets
2024-09-03 - A pioneer in facilitating online oil and gas A&D transactions, EnergyNet is expanding its reach into surface land, renewables and other asset classes.
Weatherford Announces Acquisition of Technology Company Datagration
2024-09-03 - The acquisition gives Weatherford International digital offerings for production and asset optimization and demonstrates its commitment to continuously driving innovation across its technology portfolio, the company said.
Voyager Midstream Buys Haynesville G&P Assets from Phillips 66
2024-09-03 - Voyager Midstream acquired about 550 miles of natural gas pipelines, 400 MMcf/d of gas processing capacity and 12,000 bbl/d of NGL production capacity.
DNO Buys Stakes in Five Norwegian Sea Fields from Vår Energi
2024-09-03 - DNO’s acquisition of stakes from Vår Energi includes interests in four producing fields—Norne, Skuld, Urd and Marulk— and the Verdande development.
Transocean Scores $232MM Contract for Deepwater Atlas
2024-09-11 - Transocean’s newest $232 million ultra-deepwater contract follows the company’s $123 million contract for six wells offshore India by Reliance Industries.