Petroproduccion Selects 33 Prospects To Up Output 200,000b/d

The Petroproduccion subsidiary of Ecuador's state oil company Petroecuador has identified 49 prospects and pre-prospects in the Oriente basin using 3D seismic data.

Of the total, Petroproduccion has selected 33 prospects to increase oil production by 200,000b/d in the next five years, the company said in a statement. The expected reserves of these areas are 1.48Bb.

Initial output of some 20,000b/d from the first fields will begin in 2010 and reach nearly 200,000b/d by 2014.

The subsidiary will begin drilling vertical and directional wells in 2008 as part of the development program.

Of the nine drilling towers planned for the program, five would be used at the Ishpingo-Tambochocha-Tiputini oilfields.

The prospects and pre-prospects will require a total of 340 wells, 391km of roads and 606km of secondary oil pipelines, among other works.

The projects will require a total US$1.55bn investment from 2008-14.

The sum net present value of the 33 prospects and pre-prospects is US$5.219bn, assuming a 10% discount rate, the statement said.

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