The sector's contribution to GDP could reach 20% in the next four years, Chiriboga said in a company statement.
The sector's potential is not being tapped and the country is becoming a net importer, said the executive. Other problems include environmental liabilities and poor quality fuels.
He outlined three strategies that could to turn the sector around: reorganizing the sector's administration to include the participation of the energy and mines ministry, Petroecuador and an entity to replace the hydrocarbons department (DNH); an integral development of upstream and downstream operations; and changes in Petroecuador.
The latter would include turning Petroecuador into a corporation to increase competitiveness and allowing it to form alliances and create public-private companies.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles