Backgroud

The Sacha oil field in the Ecuadorian Oriente was discovered in early 1969. Production began in July 1972, and at the end of 1980 had exceeded 190 million bbl. Drilling through 1980 had resulted in 91 oil wells and 2 dry holes.

Petroamazonas created joint venture Rio Napo with Venezuelan producer PDVSA in 2009 to operate Sacha oil field, one of Ecuador’s largest. AUGUST 4, 2016, Ecuador’s state oil company Petroamazonas taked over operations at an oil field it had previously shared with Venezuelan producer PDVSA, bringing its control over Ecuador’s crude output to 80 percent. 

Brief Introduction

Location of oil field: 180 km east of the Quito

Block: Block 60

Reserves: 350 million barrels of oil

Production: 69,000 barrels oil per day

Crude oil production from Ecuador’s Sacha Field, operated by Petroamazonas and located in the province of Orellana in Block 60, reached 70,021 barrels per day on 17 April 2019. This compares to average production of 66,473 barrels per day in 2018. The increased production was due to investments in drilling, reconditioning and secondary recovery activities by Petroamazonas EP, which has operated the field since August 2016. Petroamazonas’ plans for 2019 include drilling 10 additional wells, four classified as “re-entry” and six classified as new. The average drilling and completion cost for new wells in the Sacha field is $3.5 million, representing a saving of $2.8 million compared to previous years.

Sacha is considered one of the most important productive oil fields in Ecuador and its reserves are estimated at 350 million barrels of oil. Activities at the field in 2018 generated revenues of $1,370 million, according to PetroEcuador.

Petroamazonas: Operator with 100% interest