DUBLIN--(BUSINESS WIRE)--Dublin - Research and Markets (http://www.researchandmarkets.com/research/wnbrfv/ecuador_oil_and_ga) has announced the addition of the "Ecuador Oil And Gas Report Q2 2012" report to their offering.
Business Monitor International's Ecuador Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Ecuador's oil and gas industry.
Overview:
In spite of the volatile licensing and regulatory environment, Ecuador continues to attract some international investment and is pumping its own cash into field development in order to slow a decline in output and ward off falling oil exports.
The Main Trends and Developments Highlighted for the Ecuador's Oil and Gas Sector Are:
- Ecuador's state-run oil company Petroecuador has signed contracts worth US$1.7bn in order to expand oil production at two oil fields, according to President Rafael Correa. The company has agreed 15-year oil service contracts with Schlumberger for the Shushufindi field and reached a deal with a consortium headed by Tecpetrol for the El Libertador field. Schlumberger is likely to spend up to US$1.3bn in the Shushufindi field. Meanwhile, Tecpetrol, as part of a consortium comprising Sertecpet, Canacol and Schlumberger, is expected to invest US$385mn in the Libertador field. Petroecuador is to remain in charge of the operations at the fields, Correa added.
- Petroecuador has approved a US$3.75bn budget for 2012, including US$1.82bn for investment and US$1.93bn to cover operational costs. Of the total investment, the company plans to channel US$530mn into exploration and production (E&P) and US$337mn into refining. The investment will be used to conduct seismic tests, to drill 98 wells in Amazon District and to develop seismic programmes and gas field exploratory wells in the Gulf of Guayaquil.
- Ecuador expects private oil companies to boost investment by about 58% to US$694mn in 2012, Dow Jones said in a February 2012 report citing Non-Renewable Natural Resources Minister Wilson Pastor. Pastor also said the South American nation plans to open concessions in April 2012 for 21 oil blocks in the south-eastern part of the country, Dow reported.
Companies Mentioned:
- Petroecuador
- Eni Ecuador
- Repsol YPF
- Petroamazonas
- Petr?leos de Venezuela (PdVSA)
- ENAP
- Andes Petroleum
- Oleoducto de Crudos Pesados (OCP)
- Inpex
- Sinopec
- Ivanhoe Energy
For more information visit http://www.researchandmarkets.com/research/wnbrfv/ecuador_oil_and_ga