https://www.eluniverso.com/opinion/2014/02/09/nota/2155536/frontera-petrolera
The latest official information about the oil confirms that the most promising frontier oil fields are in production since 1972.
A recent evaluation of the Sacha field, the second largest after Shushufindi, and today operates a joint venture with PDVSA Petroamazonas shows that the field is more extensive than was known: it has 243 million barrels of additional recoverable reserves.
Most of these new reserves are south of Sacha, Auca to the field, the third largest.Whereby the likelihood that the area between the two fields has not yet detected oil increases.
Additionally, mature fields currently extracted 32% of the oil in situ. A qualified enhanced recovery process would increase this percentage. Increasing extraction by three percentage points to 35% equates to incorporate 10% more recoverable reserves.
In Shushufindi, Schlumberger provides services for increasing their production, it is expected that the enhanced recovery phase begins.
Once the round Southeast failed to attract new oil, Petroamazonas issued a tender for 17 mature fields service contracts improved recovery. Stand-Yuturi Eden, the most productive of the former Western block, and Lago Agrio, the first field discovered in the East.
On Monday January 27 bids were opened. Ten interested consortia, highlighting Tecpetrol associated with Schlumberger and Halliburton, the two companies of the world's largest oilfield services, plus Weatherford, the number 7.
They are the Chinese giant CNPC and Sinopec and national Sertecpet.
Pacifpetrol, who works in the fields of Ancon, is interested in the field Pacoa.
CNPC aims to recruit directly providing improved services for Sacha and Auca, did not go to competition recovery. Also want to take care of the two fields to be developed in block 31 away from Petrobras. It is confirmed that enter as partner of Ivanhoe in block 20, where the country but Pungarayacu heavy crude reservoir is larger,.
In our view, CNPC agrees to enter as a partner in the Pacific Refinery with 30% stake, which ensures the future of this project, if you come to an agreement for the above fields. The production of these fields would increase the availability of crude oil for the refinery and turn Ecuadorian exports.
The authorities need to work on all these fronts, in addition to ITT, since otherwise the production will fall, thereby exports, which could jeopardize economic stability.No time to lose in starting to formalize these operations, since they will take some time to bear fruit.
Meanwhile, the authorities should design a new, more attractive, contractual basis for attracting investment risk, this is the search for oil in areas that today are not oil. They have to provide a mechanism to compensate the risk taken by companies.
For decades no investment in exploration. In the Amazon and Costa no more oil ready to be discovered.