Chiriboga comes from the previous administration of President Alfredo Palacio and was president of state oil company Petroecuador. As such, he knows the crisis the company is going through, Ortiz-Duran said.
Petroecuador produced 220,000b/d in January 2003, while current output reaches 170,000b/d, according to the AIHE head.
"Our meeting with the minister was similar to the one we had with the president of Petroecuador [Carlos Pareja Yannuzzelli], who said the sector needs US$5.5bn investment in the next four to five years and that there is room for all," Ortiz-Duran said.
Petroecuador's president said international tenders could be launched next month to explore two coastal blocks and three blocks in the Pie de Monte Oriental, Ortiz-Duran said.
The head of the state oil company also said if a company presents a letter expressing interest in the ITT area, he will open an international tender.
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