The Executive Secretary of the Latin American Energy Organization (Olade), Andrés Rebolledo, participated in the launching of the contracting process for specific integrated services with financing within Block 6, Campo Amistad, located in the province of El Oro, Ecuador.
This event took place in Quito and was attended by the Minister of Energy and Mines, Fernando Santos; the President of the Board of Directors of the Public Enterprises Coordinating Company EMCO EP, Jorge Benavides; the Secretary of Public-Private Investments, Roberto Salas, and the General Manager of Petroecuador EP, Ramón Correa Vivanco; as well as authorities of the state oil company, representatives of international organizations and the private sector, and the media.
The executive secretary of OLADE presented a keynote lecture on “Natural gas and its role in energy transitions in LAC.” In the framework of his presentation, the authority highlighted the importance of the transformation towards more sustainable energy models, pointing out that natural gas is the energy source with the lowest footprint in terms of emissions among hydrocarbons. “As our countries incorporate variable renewables, a baseline energy source will be required to ensure system stability. In this context, natural gas plays a central role,” he stressed.
He also emphasized that in LAC there is an important space to continue exploring and developing production processes related to natural gas. “In South America, there is a very interesting complementarity in relation to natural gas. There are favorable conditions to move towards a more regional perspective, so we will promote a regional gas integration initiative.”
The General Manager of Petroecuador EP, Ramón Correa Vivanco, reported that through private investment it is expected to increase the production of gas from the Campo Amistad, complying with current legal regulations and generating economic resources for the country. “The Ecuadorian State will guarantee the responsible management of this project, as well as legal certainty for investors. It is important to note that the increase in the production of the Campo Amistad will satisfy part of the current demand for natural gas in Ecuador,” he said.
The Campo Amistad produces natural gas and has 2P certified reserves (proven and probable) of 167.3 trillion cubic feet of natural gas, as well as prospective resources of 241 trillion cubic feet. Currently, this field produces 21 million cubic feet daily.
More than 40 national and international companies, both from the public and private sectors, were present in person and virtually at this event.
Communications and Institutional
Relations Department
josefa.corral@olade.org