Occidental to Develop Eden-Yuturi Field in Ecuador

Occidental Petroleum will spend approximately $60 million over the next three years to develop the Eden-Yuturi field. In 2003 twelve new wells are planned and a similar number is planned for 2004. Since 1991 the company has invested close to $300 million in the field in partnership with Petroecuador.

The Eden-Yuturi field, located in the Amazonian province of Nueva Loja, has estimated reserves of 154 million barrels of crude. Production at the field currently stands at 25,000 barrels per day.

Production from the field is expected to increase in October to 58,000 bpd when the OCP pipeline begins operations. Output from the Eden-Yuturi field is transported via a secondary pipeline to the Shushufindi field and, from there, via the Sote pipeline to the Balao export terminal on the Ecuadorean coast. Oil from the Eden-Yuturi, combined with that coming from the Limoncocha and Indillana fields, will enable Occidental to meet its quota of 70,000 barrels per day to be transported through the OCP pipeline.