An infrastructure of Ecuador's state-run oil company Petroecuador is pictured outside of Nueva Loja, Ecuador May 3, 2022.

Ecuador expects foreign oil companies to invest around $42 billion in the sector over the next five years, acting Energy Minister Ines Manzano said on Wednesday, as part of President Daniel Noboa's plan to boost production.

The country's oil production has gradually fallen in recent years burdened by the lack of investment, a natural decline of its oilfields and operational issues.

Over the next several years, crude output should come up from the 475,272 barrels per day (bpd) logged in 2024 by state-owned Petroecuador and private companies, hitting a peak in 2026 at more than 600,000 bpd, a government presentation showed.

However, by 2028 that will fall to around 395,644 bpd, according to the presentation.