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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.

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