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Ecuador Political News

The oil sector stagnates despite millionaire investment in 14 years

Ecuador negotiates investment for 727.85 million in four fields in the Amazon

Despite representing 10% of national wealth and 30% of tax revenues, the oil sector has had a political and inefficient management in the last 14 years.

The State, at its own risk and expense, has invested around $ 5,000 million in the drilling of 1,070 wells; but the daily production of barrels currently barely reaches 500,000; and its weight in the Gross Domestic Product (GDP) has stagnated at 7%.

Luis Calero, lawyer, oil consultant and former Petroecuador official, explained that there are strong technical reports that determine that hundreds of those wells were unnecessary and their investment was never justified.

To read the full story on La Hora, click here.

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