Ecuador plans to increase oil reserves with foreign investment

Ecuador will increase its oil reserves at 170 million barrels, as a result of 2,120 million dollars investments signed yesterday between Petroamazonas and foreign companies.

These investments will go to seventeen fields, whose production was in decline phase and is expected to be optimized. The works are expected to start in December.

The Ecuadorian Vice President, Jorge Glas, said that with these negotiations, the State will not invest or assume any risk, but will get a revenue of 2,500 million.

The Schlumberger enterprises (France and USA) and Tecpetrol (Argentina) will work in the Pañacocha, Eden Yuturi and Tumali fields; Halliburton Latin America (USA) will exploit oil from the Lago Agrio, Charapa, Palo Azul, Pata and Pucuna fields, and the consortium formed by Sinopec International and Sinopec Services (China), will do it in the Limoncocha, Indilana and Yanaquicha East fields.

Furthermore, Halliburton Latin America will operate in the Victor Hugo Ruales, Tipishca Huaico, Arazá and Chanangue fields. Finally, the Ecuadorian Sertecpet with Montecz and Edinpetrol (Colombia) will be in charge of the Pacoa field and YPF (Argentina) of the Yuralpa field.