Encana makes first OCP shipment
Bnamericas Published: Monday, September 22, 2003
Canadian oil company Encana has made its first shipment of 705,000 barrels of crude from Ecuador's new OCP pipeline to the US, the company said in a statement. The oil tanker Fidelity left the Balao terminal on Friday. "This inaugural oil shipment marks a new era of oil production for Encana and Ecuador," Encana CEO Gwyn Morgan said. Encana is currently producing about 90,000 barrels of oil a day (b/d) in Ecuador, and plans to increase that to 100,000b/d in 2004, Morgan said. Encana has a 36% equity interest in OCP and holds a shipping commitment of 108,000b/d on the pipeline. Other members of the OCP consortium are Spain's Repsol-YPF and US-based Occidental Petroleum, which also started making shipments this month. The pipeline has a capacity of 450,000b/d, but will start up at about 180,000b/d after tests are completed in October. Testing in September will transport a total of about 3.6 million barrels, filling eight tankers. The OCP has been under construction for two years, and is transporting heavy crude (18-24 degrees API) from Amazon production fields to the Balao terminal.
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