Ecuadorian authorities on Friday signed investment contracts worth about 1.6 billion U.S. dollars with private companies to develop six oil fields in the country's northeastern provinces, local newspaper El Comercio reported.

Ecuadorian President Lenin Moreno was present at the signing ceremony held in the coastal city of Guayaquil.

With four other contracts signed in February, the country has "picked up investments of more than 2.3 billion U.S. dollars in the petroleum sector" this year, Moreno said.

According to the president, the country produces some 500,000 barrels of crude oil daily and with the new investment, the output will increase by about 6 percent in the next 15 years.

Ecuador is one of the smallest producers in the Organization of the Petroleum Exporting Countries. Oil is the main source of its export earnings. 

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