Petroecuador, Ecaudor's state-owned oil company, on March 11 said it will look to double production to 800,000 barrels of oil equivalent per day (boed) in the next five years, which will need private sector investment worth some $12 billion.
To achieve the goal, Petroecuador hopes to team up with private-sector oil companies via consortia to develop large blocks of hydrocarbons o land and offshore, as well as include associated gas and liquids output to current production, which sits at around 400,000 boed.
The company hopes to close this year with output averaging 495,000 boed.
"In order to complete these projects, within the planned deadlines, private capital and adequate regulations to provide legal certainty to those keen to invest in the hydrocarbon sector will be needed," the company said in a statement.
One of the projects includes integrating the operation of three blocks—two currently operated by Petroecuador and another by Spanish company Repsol—to boost their combined output to 250,000 boed in the next three or four years.
Another will include developing the Pungarayacu field, which has important reserves of heavy crude and is currently awaiting private investment for exploitation of the resource to begin.
The company has also identified six new gas prospects in the offshore Amistad field in the Gulf of Guayaquil.
"There are approximately 45 billion barrels of oil identified and only 14% is being produced, a figure that shows resources are not used properly," Petroecuador chief Italo Cedeno said in the statement.
Recommended Reading
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
Orange Basin Serves Up More Light Oil
2024-03-15 - Galp’s Mopane-2X exploration well offshore Namibia found a significant column of hydrocarbons, and the operator is assessing commerciality of the discovery.
E&P Highlights: April 15, 2024
2024-04-15 - Here’s a roundup of the latest E&P headlines, including an ultra-deepwater discovery and new contract awards.