Most people think the oil business is a license to print money.
Centralized economies can’t even do that right, and they do have a license to print money, and they have the oil, too. And they still run it into the ground.
Most government oil companies get around that little fact of life by inviting foreign (which is to say, private) oil companies to invest. The ones who treat their foreign (private) investors with respect manage to grow their industry despite everything. The ones who won’t allow foreign investors, like Mexico, or the ones who rip-off their foreign investors, like Venezuela, or the ones foreign investors are afraid to go in to, like Iran, have a hard time growing their industries.
Ecuador fairly recently kicked Occidental out of the country. Oxy was their leading investor. There are others, but I would expect the remaining private oil companies to simply maintain their current operations, I wouldn’t expect to see them investing much new money having seen how easily they could lose it. Which means Ecuador’s production levels will probably not be increasing. Just another (smaller) example.
The Russians did much the same to Sakhalin Investors.