Oil & Gas - Ecuador - Petroamazonas targets 92 wells through US$1.25bn 2012 investment

By James Fowler?/?Business News Americas

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Ecuadorian state E&P company Petroamazonas will drill up to 92 wells this year across its acreage in the Andean nation as part of its US$1.25bn 2012 investment plan, the company's managing director Oswaldo Madrid told BNamericas.

"Well numbers have been increasing on a year-by-year basis. We are in the process of drilling 92 wells this year across the five blocks that we currently operate," Madrid said on the sidelines of the 6th BNamericas Andean Energy Summit in Bogot?.

The firm's drilling campaign will consist of both development and exploration wells, Madrid said, with the firm aiming to achieve a reserve base of 1.3Bboe by year-end.

The company also intends to take production figures beyond present levels of 155,000b/d through both new successes and the absorption of producing licenses currently held by sister company Petroecuador.

"The merger will consist of the consolidation of Petroecuador's upstream activities under Petoramazonas. From this point onwards, we will be in sole control of all exploration and production activities in the country. By the end of this year we will be producing over 320,000b/d," Madrid said.

Madrid also confirmed that the firm will participate in the upcoming round for new licenses planned by Ecuadorian authorities.

"As a state company we have priority over certain blocks to be offered in the round and can also form strategic partnerships with firms from outside the country looking to participate in this round for exploration and production licenses. Currently we are in discussions with some firms, though nothing concrete has so far been proposed."

The 21 blocks are located in provinces Morona Santiago, Pastaza and Napo and contain an estimated resource potential of 690Mb oil in place. Five blocks have 2D seismic data and only one block has wells.

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Source: http://www.bnamericas.com/news/oilandgas/petroamazonas-targets-92-wells-though-us125bn-2012-investment

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