Weekly Report - 29 May 2008 (ISSN 1741-7422)

ECUADOR | Petroecuador. The president of the state-owned oil company, Petroecuador, Rear Admiral Fernando Zurita, resigned from his post last week in the wake of criticism from President Rafael Correa about low production figures. Production levels are currently at 167,000bpd, down from the 177,000 bpd when Zurita assumed the position less than six months ago. He was replaced by another Rear Admiral, Luis Jaramillo Arias, who will need to boost production. Correa put the Navy in charge of Petroecuador last November with this express purpose after firing the previous board of directors for a fall in production largely due to protests in the oil-rich north-eastern province of Orellana [WR-07-48].

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