Canadian energy company Gran Tierra Energy is aiming for steady production growth in Ecuador as it nears the end of its current exploration phase and prepares for full development of key oil blocks.
In its latest earnings call, company leaders said exploration commitments at the Charapa, Chanangue, and Iguana blocks in Ecuador’s Oriente basin will be completed by the end of 2025.
“In Ecuador, because we have a 100% operating interest, we control the pace,” CEO Gary Guidry said. “We’re now submitting field development plans to the government, and we aim to reach plateau production in the next two to three years.”
The Calgary-based firm recently spudded the Iguana B1 and B2 wells following earlier success at Charapa and Chanangue. Testing from the Iguana wells showed a median oil production rate of 1,684 barrels per day with less than 1% water content. Gran Tierra also reported that the B1 well was drilled and completed faster and more cheaply than expected.
“These are excellent reservoirs,” Guidry said. “When our exploration wraps up later this year, we’ll understand the broader regional development. That will let us plan for infrastructure, power, and increased production.”
Despite the recent drop in oil prices, Gran Tierra has not changed its capital expenditure forecast for 2025, which remains at US$200–280 million. However, Chief Financial Officer Ryan Ellson noted that the company is reviewing its spending plans in light of market volatility driven by tariff concerns and rising global output.
“We’re always evaluating how we allocate capital,” Ellson said. “That review is ongoing due to the recent price swings.”
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