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.

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