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14

OPEC bulletin 5–7/17

1 7 2

n d

M e e t i n g o f t h e C o n f e r e n c e

C o n f e r e n c e N o t e s

OPEC oil ministers discuss

market, ambitions at home

The following brief interviews were conducted by the OPEC

Secretariat’s

OPEC Bulletin

team with high-level OPEC officials, who

attended the 172

nd

Meeting of the OPEC Conference on May 25.

Eng Carlos E Pérez

Minister of Hydrocarbons, Ecuador

E

ng Carlos E Pérez was appointed as Ecuador’s

Minister of Hydrocarbons just before the last OPEC

Conference, held on May 25 in Vienna. The change had

taken place one day before the Conference and Pérez was

attending for the first time. “I am enjoying it,” he told the

OPEC Bulletin

, smiling.

Pérez added that he finds the OPEC and non-OPEC

dialogues very positive. “It’s very good that we have

opened up and non-OPEC countries are participating with

these meetings and agreements,” he said. “It makes it

much more interesting — and we have a larger producer

volume in talks so I think it brings a lot of benefit to the

Organization and to the industry as a whole.”

He said that after the market has stabilized more,

Ecuador hopes to see its production increase, adding

that Ecuador has a lot of potential to do so. It’s a matter

of having the right type of contracts in place and making

them attractive for investors, he said. The country cur-

rently produces 525,000 b/d of crude, with the agreed-

upon production adjustments in place, and has pipe-

lines that are capable of moving 800,000 b/d. “We have

the capacity to grow in four or five years, but it depends

of course on the interest for investment [by] foreign and

non-governmental companies that will be looking at addi-

tional reserves and production later on,” stated Pérez.

“I think the investors are interested. I think it’s just a

matter of having the right tools in place to make it attrac-

tive — and, in the case of the country, to make sure they

understand there is a stable environment for them to

invest and clear rules. From then on things will take care

of themselves.” Pérez also noted that the reservoirs and

reserves are there, so companies looking for additional

production may be interested in making investments.

Regarding the downstream, the previous government

had intended to set up a new refinery capable of produc-

ing about 300,000 b/d of products but had not found the

right investors. “So the task for the new government is

to try and get that interest from companies that are will-

ing to invest in that refinery,” he said. “Hopefully we can

achieve that during the next four years.”