Ecuador Eyes US$42 Billion of Investment in Hydrocarbons Sector

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Ines Manzano, Ecuador's Minister of Energy and Mines, recently presented Ecuador's Hydrocarbons Sector Investment Plan for 2025-2029, in which the South American nation foresees US$44 billion of investment during that period. Ecuador expects to increase its oil output in 2025 and 2026, though volumes are expected to drop after the closure of a major block.

To boost oil production, Ecuador plans to tap the Intracampos and offshore blocks, which could add up to 337,000 barrels per day (BBL/d) of additional capacity. Based on reports from local media, Ecuador has a peak production target of just more than 600,000 BBL/d for 2026, from the 475,000 BBL/d registered in 2024.

After 2026, Ecuador's oil production is expected to drop slowly due to the closure of the Ishpingo, Tambococha, Tiputini fields, known as the "ITT block." Oil production is expected to average 539,000 and 396,000 BBL/d in 2027 and 2028, respectively, according to information from Primicias.

In August 2023, Ecuadorians voted to shut down the ITT block, one of the nation's largest oil-producing assets, to protect the Yasuni natural reserve, the Amazon rainforest and indigenous communities. Petroecuador (Quito, Ecuador), the block's operator, says it will proceed with its closure, though the process is expected to take up to five years.

On the midstream and downstream fronts, Ecuador's investment plan includes the construction of new oil and gas pipelines, as well as the expansion of the La Libertad Refinery's capacity by 75,000 BBL/d. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Plant Database can learn more from a detailed plant profile.

"The message is clear: the country is ready to take a giant leap in its hydrocarbon development; ready to boost our energy wealth, attract new investment and guarantee the sustainable development of the sector," Manzano said.

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