Petroecuador Oil & Gas Production Reaches 370,000 BOED in June, Seeks to Reopen 200 Wells

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Petroecuador reached 370,000 boed of production in June. The ITT block continues to produce close to 40,000 bpd, despite a 2023 referendum that ordered extraction to end.

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Company Seeks to Revive Well Production

Petroecuador closed May with an output of 366,000 barrels of oil equivalent per day (boed), with production increasing to 370,000 boed by mid-June. The company's production has remained stable in recent years, despite calls to shut down operations at one of Ecuador's key oil assets. According to Industrial Info Resources data, there are 234 active oil and gas-related production projects in Ecuador, with a total investment value of US$872.5 million.

For this year, the Ecuadorian state company seeks to reopen 200 closed wells and convert 35 wells into injectors with the aim to increase production as part of secondary recovery efforts.

Additionally, Petroecuador continues to expand natural gas production at its Amistad field, which the company said increased from 17 million cubic feet per day to 28 million cubic feet per day.

For years, the company has maintained production levels near the 360,000-boed mark, except for major production declines triggered by the rupture of Ecuador's main pipelines that transport crude from oil fields to export and refining hubs. Risks posed by river erosion have caused the pipeline disruptions.

Controversial ITT Block

Petroecuador's production numbers have been supported by the ITT Block, which averaged 43,000 barrels per day (bpd) of oil in the first four months of the year, just 3.6% below the same period in 2025.

The ITT Block is composed of the Tiputini, Tambococha and Ishpingo oil fields, located in the Amazon rainforest. Environment groups have opposed oil extraction in the region for years, and in 2023 Ecuadorians voted to shut down the operations and keep ITT's crude underground.

Petroecuador warned that shutting the ITT could lead to multibillion-dollar losses over 20 years. Nearly three years after the vote, the ITT block continues to produce a significant share of Ecuador's production.

After coming to power in 2023, President Daniel Noboa said the referendum would be respected, but his government has argued that the closure process could take years, while Noboa floated delaying the shutdown to preserve revenue.

Ecuador's Oil Production

Including production from private companies, Ecuador averaged total oil output of 460,000 bpd in the first 16 days of June, with private companies representing about 95,000 bpd of the total output and the rest coming from Petroecuador.

Ecuador has generally maintained volumes near the 460,000-to-480,000-bpd mark despite efforts to increase volumes above 500,000 bpd.

Oil exports remain one of Ecuador's main exports, with higher oil prices in early 2026 helping to lift export value despite lower volumes.

According to Ecuador's Central Bank, between January and April, Ecuador exported US$2.98 billion in petroleum products, with US$2.74 billion coming from oil exports and the remaining from oil derivatives. This represented a 3.8% increase year on year despite a 7.7% drop in export volume.

Key Takeaways

• Petroecuador ended May with volumes of 366,000 boed.
• The ITT Block continues to produce oil despite the 2023 referendum.
• Ecuador has maintained total oil production between 460,000 and 480,000 bpd in recent years.

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