Ecuador to receive US$333mn for operation of 3 blocks of Intracampos II Round

This Ministry of Energy and Mines release was published using machine translation.

The signing of the participation contracts for the operation of blocks 93 – Saywa, 96 – VHR Oeste and 97 – VHR Este, belonging to the Ronda Intracampos II bidding process, will enable private investment of approximately USD 333 million, for exploration and exploitation of hydrocarbons; as well as the potential increase in national crude oil production.

The operational process will be carried out by two international companies, which were winners during the bidding stages. For the development of the Saywa and VHR Este blocks, the company in charge is PCR – Ecuador of Argentine origin. While the operation of the VHR – West field will fall to the Uruguayan company Petrobell SA

The blocks located in the north of the eastern basin of the country, in the province of Sucumbíos, will contribute to the development of the communities of influence by generating employment and attracting economic resources. In addition, each hydrocarbon area presents the following technical details:

– Saywa: Investment of USD 161 million, 55% of the contract income for the State and an estimated accumulated production of 16 million barrels of crude oil.

– VHR East: Investment of USD 125 million, 69% of the contract income for the State and an estimated accumulated production of 20 million barrels of oil.

– VHR West: Investment of USD 47 million, 76% of the contract income for the State and an estimated accumulated production of 2 million barrels of crude oil.

The signing of two contractual documents was carried out this May 17, by the General Legal Coordinator of the Ministry of Energy and Mines, José De Oliveira; and the General Manager of PCR – Ecuador, Marcelo Aguirre. On the other hand, the highest authority in the country of the company Petrobell SA, Nelson Vargas, signed a contract on May 10.

The transparent bidding processes have the objective of attracting direct investments for the development of strategic areas of the country, which translate into dynamization of the local economy, strengthening of the productive apparatus, execution of educational works, strengthening of health infrastructure and improvement of the quality of life of Ecuadorians, with emphasis on the Amazon.