Ecuador is set to raise its crude production by around 40,000 bpd from the July level, to 515,000 bpd this year.
On Thursday, Ecuador’s Energy Minister Juan Carlos Bermeo expressed his confidence in his country’s ability to increase crude output on the back of the start-up of the Ishpingo heavy oil field.
He elaborated that by December, Ecuador will have its capacity at 526,000 bpd as four new wells are targeted to add 3,000-4,000 bpd in the country’s biggest oilfield Sacha.
The national oil company, PetroEcuador is expected to approve a dealing contract for Ishpingo, a part of the ITT heavy oil complex. By 2022, Ishpingo would be able to produce 67,000 bpd of crude which would contribute to the country’s goal of 583,000 bpd of output.
In the January-September period, the country produced 493,600 bpd.
