Ecuador's Petroamazonas plans EOR invite

Friday, August 2, 2013

Ecuador state E&P operator Petroamazonas will invite firms specialized in enhanced oil recovery (EOR), according to company manager Oswaldo Madrid.

The aim is to increase production at 14 of 65 Petroamazonas operated fields, local paper El Comercio quoted the executive as saying.

The firms will be paid a tariff for each additional barrel produced using these improved techniques. The goal is to improve recovery to 38% from 34% which implies an additional 400Mb, highlights the report.

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"We expect to close some agreements at year-end," said Madrid, who added companies that already carry out EOR at fields Sushufindi and Libertador - such as Schlumberger (NYSE: SLB), KKR (NYSE: KKR), Sertecpet, Tecpetrol and Canacol Energy (TSX: CNE) - have expressed interest.

Before the call, Petroamazonas will implement a water injection EOR pilot project at fields Paca Sur, Limoncocha, Edén-Yuturi and Oso.

The state operator also aims to reach agreements to carry out exploration in southeast blocks 28, 78 and 86, a process parallel to the Suroriente round. Madrid said talks have been held with Ecopetrol (NYSE: EC), Repsol (NYSE: REP), Tecpetrol, Pluspetrol and Petroperú.