Ecuador's Petroamazonas to Operate With $3.58B Budget

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QUITO, Ecuador - Ecuador's state-run oil company, Petroamazonas, will operate with a $3.58 billion budget this year, the company said Wednesday.

Of that amount, about 60% will be used for investment projects for exploration and the production of crude oil and natural gas. The remaining amount will be allocated for operating costs and debt payments, among other things.

As part of its growth strategy, Petroamazonas plans to carry out five pilot projects of oil-enhanced recovery, aiming to increase reserves and production.

Petroamazonas, which in January merged with state-run Petroecuador, operates 14 oil blocks, including the Amistad gas field. Petroecuador, meanwhile, controls sales, refining and transportation activities.

Petroamazonas produces about 313,000 barrels of crude oil a day, about 62% of the Ecuador's oil output.

Copyright (c) 2012 Dow Jones & Company, Inc.

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