The non-renewable natural resources ministry announced that private oil companies running in Ecuador plan to make investment of over $417 million in the existing year, nearly double of 2009's expenditure.

Statements from the National Hydrocarbons Directorate, which supervises oil and gas processes in Ecuador, said that number corresponds to this year's exploration and manufacturing budget of six private firms comprising Spain's Repsol YPF, which function in the Amazon region.

"This sample of six companies demonstrates the result of the government's actions, which led the private oil companies to increase their investments in the country," the ministry said.

The Ecuadorian administration has been insisting that private oil companies to make additional investment even as they are being forced to hand over their profit-sharing transactions and sign up service-provider deals.

The ministry mentioned that private oil companies running in Ecuador spent $212.14 million during the last year, up from $161.84 million in 2008.

Oil is Ecuador's main export product and income from crude exportations finances around 25% of Ecuador's public costs. (With Input from Agencies)