October 8, 2013 / 11:05 PM / 4 years ago

Ecuador's oil output rose 4.1 pct in 2nd-qtr this year

QUITO, Oct 8 (Reuters) - Ecuador’s oil production increased by 4.1 percent to 47.4 million barrels in the second quarter of this year, compared with the same period in 2012, the central bank said on Tuesday.

The rise was driven by better performance from Petroamazonas, the operations division of state oil company Petroecuador, which the bank said increased output by 7.8 percent to 35.3 million barrels between April and June.

“These increases can be attributed to the investments made by the government during 2011 and 2012, and to the changes that were made to production policies,” it said in a report.

The contribution of private companies to Ecuador’s total oil output fell by 5.4 percent in the second quarter of this year to 12 million barrels, the bank said.

Ecuador, an OPEC nation, exported 32.6 million barrels during the second quarter, it said, which were worth a total of just over $3.1 billion at an average price of $95.64 per barrel.

The government of President Rafael Correa revamped Ecuador’s oil field contracts in 2010 by ordering joint venture partners to become service contractors. Since then, Correa has focused on boosting oil output through heavy state investment.

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