The current tendency is towards a lower global price in oil and forces the companies from the optimization programs to cut their budgets.
This tendency is also applied to the local scope and for this year, the State enterprise for exploration and exploitation of crude, Petroamazonas, will handle less money than the one received in 2015.
The budget was approved initially, last year, and the ammount was of 4 670 million dollars. However, in last year’s April, the budget was reduced by 24 less, representing a total of 3 533 million dollars, which involved in an investment cut.
The decrease was reflected in the production by 3,4%, and instead of producing 362 072 barrels in 2014, the following year reflected just 348 728 barrels. (I)
Original Source in Spanish: http://www.elcomercio.com/actualidad/proveedores-petroamazonas-petroleo-crudo-ecuador.html