PCR approved to develop Ecuador block under $57.7 million investment plan
Argentine oil and gas company Petroquímica Comodoro Rivadavia SA (PCR) received regulatory approval to proceed with full development of Block 90 Sahino in Ecuador’s Oriente basin.
The plan was formally authorized by Ecuador’s Ministry of Energy and Mines late May, and disclosed in a market filing before Argentina’s Comisión Nacional de Valores June 2.
PCR Ecuador SA submitted the development proposal to Ecuadorian authorities following years of exploratory activity in the area. The approved plan totals $57.74 million over the first 3 years, including $13.96 million in surface infrastructure and $43.78 million for drilling and development operations.
Under the resolution, PCR is granted the right to operate and develop Block 90 until 2044, subject to obtaining necessary environmental and technical permits. The block lies in a region with hydrocarbon potential, though PCR noted commercial production levels remain uncertain at this stage.
The block adds to PCR’s broader Ecuadorian portfolio, which includes Pindo and Palanda Yuca Sur production areas under service contracts through 2025 and 2027, respectively. Ecuador accounts for roughly 40% of PCR’s total production, with the remaining 60% sourced from Argentina.
A publicly available report issued in July 2024 shows PCR’s total production as of March 2024 was about 16,400 boe/d (83% oil, 17% gas).
Camilo Ciruzzi | South America Correspondent
Ciruzzi is a journalist based in the Argentine province of Río Negro. He has over 30 years of experience in radio and print media. Ciruzzi studied Communication Sciences at the University of Buenos Aires and specialized in energy, political economy, and finance.
