• 5 mins Gazprom Speaks Out Against OPEC Production Cut Extension
  • 35 mins Statoil Looks To Lighter Oil To Boost Profitability
  • 2 hours Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 hours Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 4 hours Whitefish Energy Suspends Work In Puerto Rico
  • 5 hours U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 17 hours Thanksgiving Gas Prices At 3-Year High
  • 21 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 23 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 1 day Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 1 day Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 1 day Iraq Steps In To Offset Falling Venezuela Oil Production
  • 1 day ConocoPhillips Sets Price Ceiling For New Projects
  • 4 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 5 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 5 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 6 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 6 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance

Ecuador Oil Reserves Climb to 4 Billion Barrels

Yasuni Oil Exploration

Ecuadoran Vice President Jorge Glas claimed that the country’s oil reserves reached 4 billion barrels following the drilling of an exploratory well in the Ishpingo, Tambococha and Tiputini (ITT) field.

According to Reuters, the ITT block holds 1.67 billion barrels of oil, which is higher than the initial estimate of around 900 million barrels. The new discovery at the ITT field located near the Yasuni national park in the Amazon holds approximately 772 million barrels of crude and is valued at some US$19.5 billion, Glas said on Thursday.

The Coordinating Minister of Strategic Sectors, Rafael Poveda, optimistically believes production at the ITT field will start at 5000 barrels per day (bpd) but will grow to at least 20,000 barrels bpd in the end of this year. Glas added that output would further increase to 300,000 barrels bpd by 2022.

The Ecuadorian government started the development of the ITT site in 2013 despite criticism from indigenous communities alleging their rights were being violated and from environmentalists worried over potential damage to the Yasuni natural reserve.

For President Rafael Correa, however, profits from oil drilling in the Yasuni would help to pay for social programs to reduce poverty for residents including those located in the amazon region. Glas claimed earnings represent “wealth for all Ecuadorians” and the reserve serves as a “gift for future generations.”

Ecuador currently produces about 540,000 bpd and oil is the country’s main export product.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News