PCR envisions US$800mn investment for Ecuador upstream operations

PCR Ecuador expects investment for development of its upstream hydrocarbons acreage to reach US$800mn over 20 years, according to company head Francisco Arévalo.

The operator’s footprint covers producing blocks 64 (Palanda Yuca Sur), 65 (Pindo) and 90 (Sahino), and exploration blocks 91 (Arazá Este), 93 (Saywa) and 97 (VHR Este).

Arévalo made the comment at a local energy seminar where he highlighted that three exploration wells are being completed at block 91, but pointed to environmental permitting challenges, such as the need to reduce the time involved.

Block	Million barrels
Pindo	8.70
Palanda Yuca Sur	6.44
Sahino	12.42
Arazá Este	12.72
Saywa	15.80
VHR Este	34.50
	90.58

Reserves and resources at assigned blocks (Source: Arévalo presentation)

He added that 27 communities are in the direct influence areas of the six blocks, and that Argentine-owned PCR has distributed US$2.3mn for social development.

And as part of PCR’s sustainability push, the executive said engineering studies are underway for the capture of natural gas and the installation of a solar array at Pindo.

Combined crude output from blocks 64, 65 and 90 was nearly 8,000b on October 15 or around 2% of Ecuador's total production, data from the country’s hydrocarbons regulator shows.

Crude production on October 15 (Source: Agencia de Regulación y Control Hidrocarburos)