(Energy Analytics Institute, Piero Stewart, 22.Nov.2019) — Ecuador’s new oil minister José Agusto announced the South American country continues with plans for another bid round, while he added the country has also attracted investor interest in a new refinery.
Ecuador, which recently experienced weeks of protests related to a failed plan to end fuel subsidies, will continue to explore new scenarios to move forward with a planned Intracampos II Round with an aim to draw in investments of around $850 million from the private sector, Agusto said 22 Nov. 2019 in an official statement from Ecuador’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR).
Agusto, who recently replaced Carlos Perez Garcia, also announced that eight firms are interested in investing an estimated $6 billion in the construction of a new high conversion refinery to be located on Ecuador’s Coast. The official also said that the search continues for a strategic partner to administer the Esmeraldas Refinery in order to improve its efficiency so that it can process fuels under the Euro 5 Standard.
The new MENRNR head also announced his four-pronged plan at the ministry under his leader related to progressively boosting oil production, monetization of assets via strategy partnerships, achieving institutional efficiencies via the planned merger of Petroecuador and Petroamazonas, and development of deals related to the continued and sustainable exploitation of oil and mining resources.
Ecuador’s oil production was 547,738 barrels per day on 22 Nov., of which Petroamazonas accounted for 79% and private companies the remaining 21%.
Ecuador had targeted oil production reaching 560,000-580,000 b/d, the country’s former oil minister Perez said earlier this year.
© Energy Analytics Institute (EAI)