Photo: Wikimedia Commons.
According According to a report from Yahoo Noticias, the Ecuadorian state oil company announced that on Monday, May 5, it hired the Chinese company Sinopec. The goal of this contract is to contribute to the increase in oil production in Ecuador, with the target of reaching 12,000 barrels per day, each priced at 60 dollars.
Through a statement, the state company informed that the contract was signed for a value of 105.5 million dollars. The report states that the project will take place in the provinces of Sucumbíos and Orellana, located in the northwest of the Ecuadorian Amazon, a region with significant oil reserves.
As agreed, Sinopec will begin its work in the second half of May, starting with the drilling and conditioning of new wells in the mentioned areas.
It is worth noting that the relationship between Ecuador and Sinopec is not new. In fact, last March, the Ecuadorian government awarded this company the country's most important oil field. However, due to discrepancies between both parties, the process was not finalized, and the award was not formalized.
With this new contract, Ecuador expects to reach the goal of 12,000 barrels per day. It is estimated that, with Sinopec's entry into operation, this target could be achieved in June, even allowing for the surpassing of the annual production, which was 475,280 barrels in 2024 and 487,280 barrels in 2023.
It is important to note that the oil sector in Ecuador is crucial for the national economy, generating 12% of the country's fiscal revenue. Additionally, it provides a significant source of employment, and with this new contract, the creation of 2,500 direct and indirect jobs is expected.
Last but not least, it is worth mentioning that the country's oil production has decreased in recent years due to the lack of maintenance in extraction fields and the limited investment in the sector.
Main Source:
Petrolera estatal de Ecuador contrata a empresa china para aumentar la producción de petróleo – Yahoo Noticias
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