Released July 23, 2024 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--National Petroleum Company (ENAP) (Las Condes), the Chilean state company, will invest $90 million until 2035 in its Block 46. This sum is earmarked for expanding reserves in the oil block and enhancing its infrastructure.
ENAP SIPEC, the Ecuadorian subsidiary of the Chilean energy company, closed a deal on July 15 with the Ecuadorian government to invest $90 million until 2035 at Block 46 at Mauro Davalos Cordero (MDC), located in the Orellana Province.
About 98% of the investments will be made in the next five years, with the objective of increasing crude reserves by 5.6 million barrels.
ENAP, through this agreement, will also develop:
Juan Cuervo, President of ENAP Ecuador, highlighted, "We have many more investments in our portfolio to make in the country, with the intention of maintaining a sustainable and responsible industry in all areas."
Meanwhile, next month marks Ecuador's deadline to shut down the Ishpingo-Tambococha-Tiputini (ITT) block near the Yasuni reserve. This follows last year's referendum on August 20, in which nearly 59% of Ecuadorians voted to shut down the energy asset controlled by Petroecuador (Quito, Ecuador) to protect the environment and communities near the area.
The ITT is one of the country's largest producing energy assets, with a production slightly higher than 50,000 BBL/d in July. Its closure will cost billions in decommissioning and lost revenues, leading to lower oil production in the South American country.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
ENAP SIPEC, the Ecuadorian subsidiary of the Chilean energy company, closed a deal on July 15 with the Ecuadorian government to invest $90 million until 2035 at Block 46 at Mauro Davalos Cordero (MDC), located in the Orellana Province.
About 98% of the investments will be made in the next five years, with the objective of increasing crude reserves by 5.6 million barrels.
ENAP, through this agreement, will also develop:
- Eight wells on advanced platforms
- Two injection wells
- Two conversions to injection wells
- Infrastructure development on process improvements, power generation, upgrading of oil pipelines, flow lines, among others
Juan Cuervo, President of ENAP Ecuador, highlighted, "We have many more investments in our portfolio to make in the country, with the intention of maintaining a sustainable and responsible industry in all areas."
Meanwhile, next month marks Ecuador's deadline to shut down the Ishpingo-Tambococha-Tiputini (ITT) block near the Yasuni reserve. This follows last year's referendum on August 20, in which nearly 59% of Ecuadorians voted to shut down the energy asset controlled by Petroecuador (Quito, Ecuador) to protect the environment and communities near the area.
The ITT is one of the country's largest producing energy assets, with a production slightly higher than 50,000 BBL/d in July. Its closure will cost billions in decommissioning and lost revenues, leading to lower oil production in the South American country.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
