Companies Look To Boost Production at Mature Oil Fields In Ecuador
01 Fevereiro 2012 - 4:30PM
Dow Jones News
Two groups, one led by Schlumberger Ltd. (SLB) and the other
Argentina's Tecpetrol, will begin work at the Shushufindi-Aguarico
and Libertador-Atacapi mature oil fields with an aim to increase
output and discover new reserves, Minister of Non Renewable Natural
Resources Wilson Pastor said.
Ecuador state-run oil company Petroecuador late Tuesday signed
15-year contracts with both consortia, which will invest about $1.7
billion over the next five years.
Shushufindi-Aguarico produces 45,153 barrels of crude oil per
day, while Libertador-Atacapi produces 16,200 barrels per day.
The contract for the Shushufindi-Aguarico field was awarded to
Shushufindi S.A, a consortium consisting of Schlumberger, Tecpetrol
and KKR Energy. The state will pay $30.62 per barrel of incremental
oil output to the consortium.
The contract for the Libertador field was signed with
Pardialiservices S.A., a consortium formed by Tecpetrol,
Schlumberger, Canacol Energy Ltd and Ecuador's Serpetec. The
consortium will receive a payment of $39.53 per barrel.
The payments are only for additional production.
In a statement Canacol said Wednesday they will drill 31 new
development wells and work on 28 existing wells over the 15-year
contract.
President Rafael Correa said during the signing ceremony late
Tuesday that if the groups fail to increase output beyond the base
curve established in the respective contracts, then they won't
receive any payment.
According to Correa, if the drilling is successful, the size of
oil reserves that can be discovered "can radically change the
country's oil horizon."
In 2010 Petroecuador called on private companies interested in
service contracts to boost production at Shushufindi, Libertador,
Auca, Lago Agrio and Cuyabeno, which produce an average of 150,000
barrels of oil a day, or about 30% of Ecuador's national
output.
No offers were received for Lago Agrio. Pastor said that Ecuador
continues to negotiate with Halliburton Co. (HAL) for Auca and
Cuyabeno, but talks are "difficult" because the company hasn't made
a definitive financial commitment.
According to Pastor, negotiations will continue until
mid-February, adding that he can't guarantee the signing of a
contract with Halliburton for Auca and Cuyabeno.
-By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653;
mercedes.alvaro@dowjones.com
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