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

Petroecuador reported an increase in oil and gas production to 370,000 barrels of oil equivalent per day (boed) in June, driven by efforts to stabilize output and expand natural gas operations. The state-owned company is implementing a strategy to reopen 200 closed wells and utilize secondary recovery techniques to maintain production levels despite political pressure to shutter key assets. This development is critical for Ecuador’s economy, as oil remains a primary export and the government balances environmental mandates with the need for petroleum revenue.

Petroecuador’s production reached 370,000 boed by mid-June, a slight increase from the 366,000 boed recorded at the end of May. To sustain and grow these volumes, the state company plans to reopen 200 closed wells and convert 35 others into injectors as part of a broader secondary recovery initiative. Additionally, the company has successfully boosted natural gas production at the Amistad field, which rose from 17 million cubic feet per day to 28 million cubic feet per day. These efforts come amid a backdrop of 234 active oil and gas production projects in Ecuador, representing a total investment value of approximately $872.5 million.

A significant portion of the current output is supported by the controversial ITT Block, comprising the Tiputini, Tambococha, and Ishpingo fields. Despite a 2023 referendum where Ecuadorians voted to cease extraction in the Amazon rainforest region to protect the environment, the block averaged 43,000 barrels per day (bpd) during the first four months of the year. President Daniel Noboa has acknowledged the referendum but suggested the closure process could take several years, citing the need to preserve state revenue. Petroecuador has warned that a premature shutdown of the ITT Block could result in multibillion-dollar losses over the next two decades.

On a national scale, Ecuador’s total oil output averaged 460,000 bpd during the first half of June, with private operators contributing roughly 95,000 bpd. While the country has generally maintained volumes near the 460,000-to-480,000-bpd mark, higher global oil prices in early 2026 have bolstered export values despite lower volumes. Data from Ecuador’s Central Bank shows that petroleum exports reached $2.98 billion between January and April, a 3.8% year-on-year increase. However, the sector continues to face operational risks, particularly from river erosion which has previously caused ruptures in the main pipelines transporting crude to export and refining hubs.