Eni, Ecuador extend Villano service contract

Eni SPA has signed an extension of its service contract with the government of Ecuador covering Villano oil field in the Oriente basin until 2023.

Nov 29th, 2010

By OGJ editors
HOUSTON, Nov. 29
-- Eni SPA has signed an extension of its service contract with the government of Ecuador covering Villano oil field in the Oriente basin until 2023.

The extension applies to Block 10, about 260 km southeast of Quito. The agreement also expands the block to encompass an exploration area including the Oglan oil discovery about 7 km from the Villano processing facility. Eni estimates oil in place at 300 million bbl.

Villano field produces about 18,000 b/d of oil. Eni, which has operated the field through its Agip Oil Ecuador BV subsidiary under a service contract since 2000, estimates the field still holds 50 million bbl of recoverable oil.

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