Ecuador advances licensing round plans
Ecuador's government will carry out a cost-benefit analysis of the planned migration back to production sharing contracts (PSCs) from service contracts for the eight blocks that will be offered in the Intracampos licensing round.
The hydrocarbons department (SHE) has invited Arthur D Little, IHS Markit and Wood Mackenzie to bid to carry out the analysis as part of a specialized international advisory service contract which includes drafting a development plan, a review of fiscal terms, preparation of a promotion campaign and roadshows, and providing support during the bidding process.
The bidding deadline for the US$1.65mn, 266-day contract is October 31 with awarding and contract signing scheduled for November 9 and 17, respectively.
The winner must deliver the cost-benefit analysis within eight weeks of contract signing.
Read Snapshot: Ecuador migrates back to PSCs
SHUSHUFINDI FIELD
Also from Ecuador, Patrick Schorn, new ventures VP at Schlumberger, said during the company's latest earnings conference call that "production from the Shushufindi field has been restored and is now in line with the current reservoir performance potential."
In July, Ecuador's government renegotiated a contract signed in 2012 between state E&P operator Petroamazonas and Schlumberger for the field within block 57.
Petroamazonas' latest daily production bulletin shows that on October 22 Shushufindi output was 72,085b, the country's largest producing asset that day.
In a related note, SHE announced that the finance ministry will transfer US$101mn to pay pending VAT to 15 oil contractors that hold contracts for 18 blocks.
Schlumberger, meanwhile, saw third quarter revenue in Latin America fall 8% sequentially following completion of reservoir characterization and drilling activities in Mexico and Central America, while revenue in North and South Latin America was flat with marginal incremental activity on Schlumberger production management projects in Ecuador and drilling and production group activities in Argentina.
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