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The work will target Ecuador block 86 and Peru block 192 along the border, and Ecuador blocks 72, 73, 76, 77 and 78 related to Peru block 64.
An independent consultant will be hired to identify and quantify reserves, and possible technical and economic development, Ecuador's ministry said in a statement.
Study specifics include technological options, logistical aspects, heavy crude transport and investment estimates. Analysis also will look at the supply of Peruvian natural gas, such as that from block Z-1, to Ecuador for power generation and industrial use.
Authorities also highlighted the potential for a permanent power interconnection between the countries.
Further talks will take place at a binational presidential meeting scheduled for October.
BNamericas will host its second LatAm Oil & Gas Summit in Houston, Texas, on September 10-11. Click here to download the agenda.
BNamericas will host its its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.