Petroecuador approves US$4bn budget for 2022
The board of Ecuador’s state oil company Petroecuador approved a US$4.28bn budget for 2022, BNamericas was told.
Last year's budget reached US$3.79bn.
Petroecuador sources, requesting anonymity, told BNamericas that US$1.69bn will go to production and US$2.22bn to cover operating expenses. Capital expenditures will total US$83mn and current expenditures, around US$279mn.
Petroecuador set a production goal of 424,000b/d of oil for 2022, a 12% increase from last year. CEO Ítalo Cedeño recently said the company aims to exceed that target by forging alliances with the world’s largest oil companies.
The company is targeting production of 1Mb/d (million barrels per day) of hydrocarbons by 2025, when President Guillermo Lasso's term ends.
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