Chile in Ecuador
Abril de 2006
Chile’s government owned oil company ENAP will expand its hydrocarbons activities in Ecuador in conjunction with the host country’s company Petroecuador.
Enap already jointly exploits with Petroecuador a field in the Amazon region with a daily average production of 20.000 barrels and further exploration in the area has shown proven reserves of 25 million barrels of crude.
“Enap is interested in increased production and in further working with us. We already have a contract, and we are both very satisfied so we are planning to expand it”, said Jaime Crow, a vice-president of the Ecuadorian corporation.
Enap has been exploring and producing oil from the heart of the Amazon
region in four fields, Paraíso, Biguno, Huachito and Mauro Dávalos since
2002 totalling proven reserves of 51 million barrels.
“Since the agreement was implemented more reserves have been found and for the
additional potential we will be signing a second agreement with another
exploration and exploitation timetable”, added Mr. Crow.
Petroecuador and Enap currently split profits from crude according to an agreed
formula based on the international price of oil. With the new contract
referential values are contemplated with the barrel surging in the range of 100
US dollars.
Energy short Chile actively promotes Enap overseas operations and currently is
involved in Argentina, Iran, Peru and Egypt with a daily total production of
274.000 barrels in 2005.
“With the new contract Enap’s production in Ecuador will increase although we
have yet to define how much more”, said Mr. Crow.
But Enap’s objectives in Ecuador are not limited to oil in the Amazon, since the
company is also interested in an additional field, Sucumbíos, with proven
reserves of 42.5 million barrels.
“Chile has shown an interest but there are other countries who would like to
join”, underlined Mr. Crow who nevertheless pointed out that the current
agreement with Enap is among the best and most profitable signed by Ecuador.
