Petroecuador Sees Ecuador Producing 181M Barrels Of Oil in 2011

QUITO (Dow Jones Newswires), Dec. 29, 2010

State-owned Petroecuador said Wednesday it expects Ecuador to produce 181 million barrels of oil in 2011, up 7.7% from 168 million barrels produced in 2010.

In 2009, production in Ecuador was 169.6 million barrels.

In volume terms, Petroecuador is expected to produce about 51 million barrels, while state-owned Petroamazonas is expected to produce 40 million barrels, said Dalton Munoz, director of exploration and production with Petroecuador.

Rio Napo, which is 70% owned by Petroecuador and 30% by Venezuelan state oil company Petroleos de Venezuela, or PdVSA, is expected to produce about 20 million barrels in 2011.

The rest is expected to be produced by private sector companies.

Copyright (c) 2010 Dow Jones & Company, Inc.

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