Increase in oil development is in prospect in Ecuador
Various developments of significance to the petroleum industry have occurred in Ecuador lately. Drilling and production are proceeding in the coastal fields, where an inclined offshore well has been completed. New petroleum regulations have been issued, and they are considered favorable to private enterprise. They provide for an income tax graduated according to varying royalty payments, and the figures are regarded as moderate and reasonable. Ecuador is the only South American country which has not established a government oil company, and the new legal regulations are consequently of particular interest to private companies. Exploration activity in eastern Ecuador's Amazon basin has increased sharply, following the important Orito Oil Field discovery of Texas and Gulf in adjoining southernmost Colombia. Texaco Inc. and Gulf Oil Corp. have a large concession in Ecuador immediately south of their Colombian acreage, and also have obtained a large farmout from holders of the Pastaza concession. Texas and Gulf have been carrying out extensive exploratory work in the region, including aerial surveys, geological investigation, and seismic exploration.
- OSTI ID:
- 6857044
- Journal Information:
- World Oil; (United States), Vol. 162:7
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
ECUADOR
PETROLEUM INDUSTRY
DRILLING
EXPLORATION
GEOLOGY
LAND LEASING
PETROLEUM
PETROLEUM DEPOSITS
PRODUCTION
RESERVES
RESERVOIR ENGINEERING
DEVELOPING COUNTRIES
ENERGY SOURCES
ENGINEERING
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
INDUSTRY
LATIN AMERICA
LEASING
MINERAL RESOURCES
RESOURCES
SOUTH AMERICA
020300* - Petroleum- Drilling & Production
020200 - Petroleum- Reserves
Geology
& Exploration