Ecuador expects $638 mln in investment from oil contract extensions-official

Ecuador anticipates over $638 million in investments this year from contract extensions with private oil companies, according to Deputy Minister of Hydrocarbons Eduardo Racines. The government is negotiating to extend 20-year contracts by up to a decade, aiming for increased production targets. The first extension was signed with China's Andes Petroleum, with five more expected. Ecuador projects an average oil production of 465,000 barrels per day by 2026, supported by upcoming bidding rounds and legal reforms to facilitate private operations in the sector.