Chinese company is looking to expand four oil fields

China, who buys more than 80% of our exported oil seeks to expand more operations of hydrocarbon in Ecuador with the implementation of new techniques of recovery in four oil fields, until now operated by Petroamazonas.

It is also emerging as the new partner of the Pacific refinery, one of the most important strategic projects that will allow the country to stop importing fuel.

The project in Beijing, shall be funded 70 per cent by the Industrial and commercial bank of China (Icbc), with the aim that the biggest oil company in that country, China National Petroleum Corporation (Cnpc), has 30% of the shares. Petroecuador will remain with 51 percent and Pdvsa will decrease  its participation to 19%.

Additionally, the oil company is interested in providing its services to increase the production and reserves with new technology of the Sacha and Auca fields of Petroamazonas and develop the block 31 and 20. The latter includes the Pungarayacu field, which is estimated it has reserves of extra heavy barrels of crude oil by 300 million and has been operated by the Ivanhoe company for five years.

The catalogue of strategic projects of the Government 2014 – 2017 includes eight projects of hydrocarbon in addition to the refinery of the Pacific and the development of Pungarayacu, a further exploration of natural gas in the Gulf of Guayaquil.