Repsol's expectations in Ecuador low
Spain's Repsol YPF expects its oil output in Ecuador to fall 10% this year
to 53,000 barrels per day compared to last year due to an investment freeze,
a company official said.
Repsol has suspended its investments in the Opec member as President Rafael
Correa seeks to change oil companies' contracts to increase state control
over the industry.
Repsol is the first oil company in Ecuador to announce a lower output
estimate for this year due to the government's move, which industry analysts
had warned could chill investment in the small Andean country.
"Output will fall because of the natural decline and due to the lack of
(exploration) drilling thanks to the suspension on investments," a company
spokesman, who asked not to be named due to a Repsol policy, told Reuters.
Ecuador, South America's fifth-largest oil producer, has an output of around
510,000 bpd, extracted almost evenly by state oil company Petroecuador and
foreign operators.
05 May 2008 22:21 GMT
| last updated:
05 May 2008 22:23 GMT
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