Ecuador Is Looking For Investors For Its Oil Projects

After nearly a decade in which Ecuador changed the way it invites investors to its oil exploration, exploitation and refining projects, preferring relations with state-owned companies selected directly without the sieve of competition and, after most of its conflicts with foreign companies have been resolved (in some cases at high cost to the country), Ecuador is seeking to modify its methods to generate attraction towards the most important source of income for its economy.

As a result of the State's organizational measures and in order to reduce its size, in line with the austerity announced, on May 15, 2018 the President of the Republic issued Executive Decree N° 399, which provided for the merger of the Ministry of Electricity and Renewable Energy, the Ministry of Mining and the Secretariat of Hydrocarbons into the Ministry of Hydrocarbons, to be renamed the "Ministry of Energy and Non-Renewable Natural Resources"¹. These mergers shall be completed within 90 days.