Ecuador to Announce 11th Oil Licensing Round Next Month
QUITO, Ecuador - Ecuador will call its 11th licensing round for oil exploration next month for about 15 blocks in the southeast Amazon jungle, Hydrocarbons secretary Andres Donoso said Wednesday.
Mr. Donoso said that with current reserves and output, Ecuador has enough crude oil for about 11 years. The new oil round will widen the country's oil horizon, he said.
Currently, Ecuador produces about 500,000 barrels of crude oil per day. It expects to produce a daily average of 510,000 barrels in 2012 and about 550,000 barrels a day by 2014.
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