Petroecuador Crude Production Falls – The Amazon Post

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Petroecuador Crude Production Falls

Date: Jul 20, 2021

The daily oil production of the state-owned PETROECUADOR was 387,494 barrels this Sunday and that of private companies was 108,116 barrels, according to the official report.

There are several causes for this drop in production, among which technical reasons stand out, and even shutdowns forced by indigenous protests.

Meanwhile, the government advances the preparation of legal reforms to establish a new model of oil contract to replace the current one for the provision of services. It is proposed to return to the participation contract. A decree establishes that while the legal reforms are being negotiated, the transition of the fields operated by PETROECUADOR to the private oil companies that are interested in this business will begin.

To read the full story on Noticias Equinoccio, click here.