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
Entergy, KMI Agree to Supply Golden Pass LNG with NatGas
2025-02-12 - Gas utility company Entergy will tie into Kinder Morgan’s Trident pipeline project to supply LNG terminal Golden Pass LNG.
FERC Gives Venture Global OK to Start Next LNG Block
2025-02-11 - Venture Global LNG continues to ramp up operations at its newest LNG export terminal.
Kinder Morgan to Build $1.7B Texas Pipeline to Serve LNG Sector
2025-01-22 - Kinder Morgan said the 216-mile project will originate in Katy, Texas, and move gas volumes to the Gulf Coast’s LNG and industrial corridor beginning in 2027.
Glenfarne Signs on to Develop Alaska LNG Project
2025-01-09 - Glenfarne has signed a deal with a state-owned Alaskan corporation to develop a natural gas pipeline and facilities for export and utility purposes.
Trinity Gas Storage Adds Texas Greenfield Gas Storage Complex
2025-01-20 - Trinity Gas Storage has opened a 24-Bcf gas storage facility in Anderson County, Texas, to support the state’s power grid.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.