Petroecuador declares force majeure: press
Ecuador's national oil and gas company Petroecuador has been forced to declare force majeure amid unrest over the national government's social and economic policies, Reuters reported June 18.
The force majeure covers all of Petroecuador's exploration, production, transport and commerce activities. Reuters says protesters broke into oil production facilities, causing crude output to fall by 6,975 barrels over the course of the protest.
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The demonstrations by Ecuador's indigenous communities are aimed at economic policies including fuel price increases, and have prompted the president Guillermo Lasso to declare a state of emergency in three Ecuadorian provinces.
Ecuador's held around 8.3bn barrels of crude oil in proven reserve potential as of January 2021, according to the Energy Information Administration. The company is seeking up to $12bn of private sector capital expenditure, aimed at increasing Ecuadorian hydrocarbon output by 100% within the next five years. Crude output in Ecuador slipped from 503,600 barrels/day in 2012 to around 400,000 b/d at present, according to various sources.