Ecuador advances block 43 ITT development

Ecuador's state hydrocarbons E&P operator Petroamazonas has begun permitting with the environment ministry to develop the Ishpingo field as part of the Ishpingo, Tambococha and Tiputini (ITT) complex or block 43.

The license is expected to be granted by September, local press quoted general manager Alex Galárraga as saying.

Construction of roads and two drilling platforms would then begin with completion penciled in for mid-2019 at an estimated cost of US$50mn.

The field's development investment reaches US$2.21bn with 293 wells planned from nine platforms.

Ishpingo would join producing fields Tambococha and Tiputini, and contribute 30,000b/d. In total, block 43 is set to boast 651 wells and produce around 300,000b/d in 2022.

ITT output on July 11 hit a record of 65,649b, behind Shushufindi (68,373b) and Sacha (66,053b), both of which are also operated by the state company. Petroamazonas produced 403,872b that day or close to 80% of Ecuador's total crude output.

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