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Article: Ecuador : Rio Napo JV starts operations at Sacha field in Ecuador.
- Article from:
- TendersInfo
- Article date:
- November 6, 2009
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Byline: manish03
Rio Napo, a 70-30 joint venture of Ecuador's state oil company Petroecuador and Venezuela s Petroleos de Venezuela SA (PDVSA), has begun operating Sacha oil field in Ecuador's Amazon.
Marco Nogera, Rio Napo s manager of planning, said the firm plans to reach output of 70,000 b/d of oil by 2014-15 an increase of 40% over the current 49,780 b/d or about 10% of Ecuador s total oil production. Sacha field holds 491 million bbl of oil reserves.
According to Nogera, the JV plans to invest $621 million in exploration and production activities at Sacha over the next decade, with about 60% of the investment coming in the next 5 years.
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