Repsol YPF to Increase Ecuador Output with New Pipeline
Now that a new, heavy-crude pipeline is expected to come on line in September, Repsol YPF aims to raise its oil output to 75,000 bpd by the end of July. The next step would be to take output to 100,000 bpd by 2006.
Repsol YPF has bought space in the new pipeline for 100,000 bpd and is one of six oil firms backing the project, which will build a second oil line in Ecuador that will be able to shuttle up to 450,000 bpd from the Amazon to a coastal port. The company building the $1.3 billion pipeline, OCP Ecuador SA, is made up of Repsol YPF, EnCana, Agip Petroleum, Occidental Petroleum, Perenco, Perez Companc and construction firm Techint. Repsol YPF will invest $300 million through 2008 to get output levels to 75,000 bpd and that plans to boost production to 100,000 bpd would require an additional $469 million over the next decade. Ecuador currently has a crude output of about 400,000 bpd but expects production to rise once the new pipeline is completed this year. Currently the country has just one state-run pipeline with space to transport 400,000 bpd.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea