Ecuador is hoping to attract $800 million in oil and gas investments from foreign companies, according to Reuters.
Companies are bidding on four oil fields in the Amazon region and one natural gas field off the coast of Guayaquil. Auctions for the fields are expected to be completed this summer.
The price of oil fell from a high of more than $70 per barrel in late-January.
Ecuador hopes to raise its oil production by 80,000 barrels per day in 2018. The Oil Minister said that the country was producing below its allowed quota under the Organization of the Petroleum Exporting Countries, an international oil cartel.
Oil production in Ecuador was lower in recent months than its 2017 average. Ecuador produced between 513 and 520 thousand barrels of oil per day in February compared to between 531 and 530 thousand barrels per day in 2017, according to OPEC’s monthly report.
Ecuador has 8.273 billion barrels in proven crude oil reserves. The Andean country exported $5.442 billion in petroleum in 2016.