Ecuador, OPEC’s smallest member, plans to boost oil production by 4.7 percent by 2013, state news agency Andes reported, citing Wilson Pastor, minister of non- renewable natural resources.
Ecuador expects to increase crude output to 538,000 barrels a day in 2013 and 556,000 barrels in 2014 from 514,000 barrels through the end of June, Pastor said, according to the agency. Ecuador has lined up $1 billion in exploration and expansion projects in the Shushufindi, Libertador and Sacha oilfields, Andes said.
Ecuador, which has 1.98 billion barrels of oil reserves, hasn’t been hit by declining crude oil prices as the government set its 2012 budget using a price of $79.30 per barrel, the agency said.
To contact the editor responsible for this story: James Attwood at firstname.lastname@example.org