Is it possible to double oil production?
The President of the Republic, Guillermo Lasso, signed Executive Decree 95 a few days ago, which establishes the country’s new hydrocarbon policy, with immediate measures to be taken in the next 100 days, as well as medium and long-term measures. All aimed at allowing a greater participation of the private sector and the doubling of oil production to 1 million barrels per day, in order to generate more resources for the treasury.
Among the highlights of the new policy, which will require several legal reforms that must be approved by the Assembly, are the “free and voluntary” migration from service provision contracts to participation contracts; the creation of an oil stabilization fund whose resources are used to combat child malnutrition, as well as other problems that afflict the most vulnerable population. This, especially in the areas of influence of the oil activity.
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