Project Profile
Value: US$5.5 -US$6.2 billion
Location: Yasuni national park, Amazon rain forest, Ecuador
Reserves: 1.67 billion barrels of oil
Peak production capacity: 300,000 bpd (2022)
Tiputini production: 60,000 bpd (April, 2017)
Tambococha production: 70,000 bpd (mid-2018)
Production: 570,000 bpd
Start-up year: 2016
The ITT block lies mostly within the Yasuni national park, in the Amazon rain forest. only the northern part of Tiputini is located outside the park. Despite strong opposition from indigenous and environmental groups, on 22 May 2014 the environment ministry granted a permit for PetroAmazonas to develop the Tambococha and Tiputini fields, which together contain half of ITT\'s 850mn bl reserves. The block also contains the Ishpingo oil field, which holds 50pc of the Ishpingo-Tambococha-Tiputini (ITT) block heavy crude reserves.
PetroAmazonas is the operator of the block and began drilling at Tiputini in May 2015, the operator plans to begin production by March 2016, with an initial 8,000 b/d expected. The company will start building the first of three platforms at the oil field in October 2016 and plans to drill 90 wells. By the end of the second quarter of 2016, PetroAmazonas intends to launch production at Tambococha, with an initial 5,000 b/d. The firm will build another three platforms at the site and drill 90 wells. Work at Ishpingo, where PetroAmazonas plans to install five platforms and drill some 150 wells, will begin in 2017 with production starting by 2018.
By 2019 ITT could reach a 200,000 b/d production peak. The block has a potential to produce at least 100,000 b/d of 14-15.5º API crude over 22 years with a total investment of US$5.5bn and projected revenues estimated at US$42bn-60bn.
Operators:
Petroamazonas: Operator with 100% interest