Ecuador is Looking for Investors to Develop a Field in the Gulf of Guayaquil in an Attempt to Increase Natural Gas Production
Ecuador’s state oil company EP Petroecuador invites investors to participate in a tender for the development of a natural gas field located in the Gulf of Guayaquil.
This was reported by the press service of the company.
Amistad gas field:
- located in block 6 in Guayaquil Bay, 55 km from Puerto Bolívar, Ecuador, South America;
- operator – national oil and gas company Petroamazonas EP;
- discovered in 1970 by ADA by drilling the Amistad-1 well;
- mining started in 2002 under the management of EDC;
- total production – about 252 billion cubic meters of natural gas;
- gas from the field is used by the Electric Corporation of Ecuador (CELEC) to supply gas-fired power plants, the ceramics industry, and domestic needs of nearby cities;
- OGIP (source gas in place) is estimated at 1.076 tcf;
- with 167.3 tcf of proven 2P reserves of natural gas and 241 tcf of prospective resources, production could reach 94 Mcf/d.
- however, current production is 21 Mcf/d;
- Amistad accounts for approximately 1% of the country’s daily natural gas production.
The announced tender involves the conclusion of a 15-year contract for the provision of specific integrated services.
The investment is expected to be over US$173 million.
Financing will be used to drill new wells, overhaul existing wells, as well as the construction of the necessary facilities in block 6 and the expansion of the field infrastructure.
Theses of the CEO of EP Petroecuado R. Vivanco:
- Ecuador guarantees responsible management of this project in addition to legal security for investors;
- It is important to note that the increase in production from the Amistad field will allow us to partially meet the demand for natural gas that is currently available in Ecuador.
According to the current schedule, registration of applications will take place until August 18, field visits from August 21 to 23, awarding on October 24, and contract signing in the first weeks of November 2023.
Recall that in 2013, Ecuador offered Gazprom to create an alliance with Petroamazonas.
Then it was proposed to form a joint working group to conduct a competent analysis of the specific prospects for bilateral cooperation in the field of prospecting and exploration of hydrocarbons in Ecuador.
Inter RAO and Rosneft were also interested in participating in Ecuadorian projects.
