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Ecuador state oil company cuts 2007 budget to $154 million
CARACAS
Petroleumworld.com 10 12 07Ecuador's oil company Petroecuador has cut its 2007 investment budget 30%, to $154 million, a senior company official said Wednesday, Dow Jones reported.
Of the $154 million budget, $120 million has already been spent of the original budget of $154 million, Teran said.
Petroecuador's oil production is at present Petroecuador has managed to stabilize its production at around 170,000 barrels per day, it was below 160,000 barrels per day in 2006, and in 2005, it was around 195,000 barrels per day.
"The serious situation that Petroecuador is going through is due to the low level of investment over the last 10 years," said Miguel Teran, the firm's trade and finance manager.
Petroecuador oil production don't include output from three oil fields seized in 2006 from U.S. oil OXY that produce around 88,000 barrels per day. The three fields are managed by a separate government entity.
The firm plans to invest $452 million in 2008, and plan to seek an $1.5 billion loan from the Inter-American Development Bank, Teran said.
Story by Petroleumworld 12 10 07
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