Oil companies including Gran Tierra Energy, Frontera and GeoPark have won bids to develop seven little-explored blocks with potentially high reserves in Ecuador, the country’s energy ministry said April 10.
The so-called Intracampos blocks contain some 854 million barrels of oil and will require more than $1 billion in investment, the government says.
Canada’s Gran Tierra won contracts for the Chanangue, Charapa and Iguana blocks, the ministry said in a statement, while a consortium formed by Canada’s Frontera and Chile’s GeoPark will operate the Perico and Espejo blocks.
Ecuador’s Petrolamerec won the bidding for the Araza Este and Sahino blocks, the statement added.
The development of the blocks will “require an investment of some $1.17 billion and will allow an estimated peak production of 18,000 barrels per day in 2024,” the statement said.
The ministry did not say how much of the blocks’ production would belong to Ecuador, but at the time the bids were submitted it said most included provisions for the country to receive some 60% of production.
The contracts will be signed in May, the ministry said.
Ecuador is seeking foreign investment in a bid to increase its crude output as it confronts a high fiscal deficit and large foreign debt.
2022-08-09 - The MEAs program recognizes new products and technologies designed by companies and people who understand the need for newer, better and constantly changing technological innovation to appease the energy-hungry world.
2022-06-30 - Schlumberger recently gave Hart Energy an inside look at the company’s creative solutions and technologies that help oil and gas producers reduce carbon and methane emissions.
2022-06-10 - Petroecuador "seeks to increase production at the Amistad field and maximize the recovery factor of its deposits in the block," the company said in a release.
2022-06-17 - Vicki Hollub, CEO of leading EOR producer Occidental Petroleum, said the application can lead to net-neutral CO₂ oil production, which will be critical to advancing the energy transition.
2022-06-01 - Under the new plan, Shell plans to start production from the Jackdaw gas field located in the North Sea in the second half of 2025.