Ecuador awards hydrocarbon contracts valued at $333 million
Ecuador awarded operation contracts for three blocks as part of the Intrafield Round II bidding process, enabling investment of US$333 million for hydrocarbon exploration and a potential increase in national crude oil production.
Blocks 93 – Saywa, 96 – VHR Oeste, and 97 – VHR Este, lie in the north of the eastern basin of Ecuador in the province of Sucumbíos, the Ministry of Energy and Mines reported.
Argentina’s Petroquímica Comodoro Rivadavia (PCR-Ecuador) was awarded development of Saywa and VHR Este blocks. Operation of VHR Oeste field will be handled by Uruguay’s Petrobell SA.
Technical details for each hydrocarbon area are as follows:
- Saywa: Investment of $161 million, with 55% of the contract revenues for the State, and an estimated cumulative production of 16 million bbl of crude oil.
- VHR Este: Investment of $125 million, with 69% of the contract revenues for the State, and an estimated cumulative production of 20 million bbl of oil.
- VHR Oeste: Investment of $47 million, with 76% of the contract revenues for the State, and an estimated cumulative production of 2 million bbl of crude oil.
Currently, PCR-Ecuador operates Palanda, Pindo, Arazá Este, and Sahino blocks, while Petrobell conducts hydrocarbon activities in Tigüino field.
Camilo Ciruzzi | South America Correspondent
Ciruzzi is a journalist based in the Argentine province of Río Negro. He has over 30 years of experience in radio and print media. Ciruzzi studied Communication Sciences at the University of Buenos Aires and specialized in energy, political economy, and finance.