Ecuador's expects to secure between $1.5 billion and $2 billion in private investments over the next five years for four mature oil fields, state news Agency Andes reported Friday.

The four state-run Petroecuador oil fields--Shushufindi, Libertador, Auca, and Cuyabeno--produce about 140,000 barrels of oil a day, Andes said.

Production at these mature fields has been declining by up to 12% per year.

Petroecuador is seeking to boost production at its mature and older oil fields by between 15% and 20% by inviting investment.

Schlumberger Ltd. (SLB), Baker Hughes Inc. (BHI), Halliburton Co. (HAL) and Ecuador's Sertecpet are among companies interested in Shushufindi, Auca, Cuyabeno and Libertador, respectively.

Last year, Petroecuador called on private companies interested in service contracts to boost production at these four oil fields and Lagro Agrio, but Lago Agrio received no offer.

Ecuador's minister of nonrenewable natural resources, Wilson Pastor, has said that the contracts will be signed in September or October.

Initially, the contracts for mature fields had been expected to be signed this month.

-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com

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