The Chilean state oil company ENAP (Empresa Nacional de Petróleo) will invest approximately $90 million over the next five years to increase crude oil production in Ecuador from Block 46 Mauro Dávalos Cordero (MDC), located in the Ecuadorian Amazon.
This new investment is part of the extension of the service contract under which ENAP operates this field in Ecuador until 2035, according to a statement from the Ecuadorian Ministry of Energy and Mines.
The announced investments will focus on drilling eight wells on advanced platforms and two water injection wells, as well as converting two wells to also become injectors, where previously extracted water, separated from oil and gas, is reintroduced into the subsurface.
This agreement highlights the increase in local labor hiring, productive development, and the execution of infrastructure and community services to directly strengthen the territories.
The Ecuadorian Minister of Energy and Mines, Antonio Goncalves, emphasized that the signing of the contract demonstrates the national government's interest in enhancing the country's hydrocarbon sector.
"With this signing, reserves will increase by 5.6 million barrels of crude oil," the minister noted. "It is important to highlight that 98% of the new investments, committed by the operator, will be made during the first five years after the documentation is signed. We will continue to promote an industry that is responsible to communities and sustainable with the environment," he added.
