All set: Petroecuador primed to meet production goal
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Petroecuador to meet output goal
State-owned Petroecuador is primed to meet its goal of producing 175,000 barrels per day by year's end through drilling set to begin next month with 11 new rigs and through more effective recovery methods at established sites.
Petroecuador said its average total production is now 173,906 bpd, up from 165,480 bpd in June.
The growth in production is due both to new wells and to intense efforts to revitalise existing fields in the Amazon, said a news agency EFE report.
Ecuador produces around 600,000 bpd of crude in all, and revenues from oil exports fund 35% of public spending.