Ecuador Seeks to Boost Oil Production Amid ITT Block Closure
Ecuador's President Daniel Noboa aims to increase oil production to 500,000 barrels per day (bpd) by the second half of 2027. The country has faced challenges in meeting this goal due to the impending closure of the ITT Block, one of its largest producing assets.
The block, operated by Petroecuador, averaged an output of 41,700 bpd between January and July this year, a 5.3% year-on-year increase. However, oil extraction at the ITT Block has long been opposed by environmental and indigenous groups, leading to its eventual closure following the 2023 referendum.
Noboa stated that negotiations with international companies are at an advanced stage to boost production and reach the target of 500,000 bpd by the second half of next year. Petroecuador has also announced plans to reactivate 200 closed wells in 2026 in an effort to increase output.