New licensing round onshore Ecuador
The government of Ecuador has announced an open licensing round for eight blocks in Sucumbíos Province – Araza Este, Changue, Iguana, Perico, Espejo, Pañayacu Norte, Charapa and Sahino. The blocks offered are all onshore, conventional opportunities, most with prospective sandstone reservoirs (one with a carbonate reservoir). All are low risk exploratory blocks and are located close to established fields.
Ecuador is an under-explored country with high oil potential. Existing infrastructure and a well-developed oil services industry should present an attractive opportunity to investors. The Energy Ministry is offering a participation contract that is reported to be ‘equitable and competitive’, allowing ‘companies to share production and book reserves’.
News Item details
Journal title: Petroleum Review
Countries: Ecuador -
Subjects: Policy and Governance, Exploration and production, Energy policy
