ECUADOR: REPSOL YPF TO INCREASE INVESTMENT IN ECUADOR.(Brief Article)

IPR Strategic Business Information Database, January, 2004

Spanish Oil Company Repsol YPF plans to invest US$58 million in exploration and production in Ecuador in 2004, up from $48 million in 2003, a Repsol YPF spokesperson said. The company plans to invest $49 million to drill 15 wells in block 16 and $9 million to drill eight wells in block 14. Current production stands at about 60,000 barrels of oil a day.

The company plans to invest an additional $3.7 million in its liquefied petroleum gas (LPG) business in 2004, up from $3 moillion in 2003, to "enhance its bottling plants and acquire additional bottles in order to maintain its current leading market position," the spokesperson said. - (EMEconomy.com)