Canacol Energy announced on 19 December 2017 that it has signed an agreement with Tecpetrol Libertador and Setecpet E&P to sell its 25% interest in the mature fields Libertador and Atacapi for USD 36.4 million. The Libertador Field produced 4 MMbo during 2016 and 1.9 Â Bcfg in 2015, and the Atacapi Field produced 1.3 MMbo during 2016 and 0.666 Bcfg in 2015. The buyers are existing partners in the Pardaliservices SA Joint Venture with Canacol, Schlumberger with 20%, Tecpetrol with 40% and Setecpet with 15% interest. The Integrated Specific Services Contracts (Contrato de Servicios Especificos Integrados con Financiamiento) was awarded in January 2012. The consortium Pardaliservices SA (Tecpetrol, Schlumberger, Canacol, and Sertecpet), was awarded the Libertador - Atacapi Field. Petroecuador EP remained the exclusive owner and operator of the activities in the area, with the contractor performing services under this agreement. The contracts will be valid for 15 years. During this period, the contractor should incorporate new technology in the fields in order to optimize the primary production, such as conducting seismic reprocessing, updating of simulation reservoir studies, drilling and intervention of wells, and modernization of production facilities. As of 1 August 2017 a new contract rate was applied towards the agreement signed between Petroamazonas and the consortium Pardaliservices SA (Tecpetrol, Schlumberger, Canacol, and Sertecpet) for the Libertador â Atacapi Fields. The rate will drop from USD 38.54/b to USD 25.50/b until 2020, and the consortium has also pledge a new investment of USD 140 million. Pardaliservices SA planned to invest USD 384.5 million in the next five years, to recover and increase reserves in the mature fields â the contractâs main objective. It is estimated that the production will increase from 16,200 to 16,400 bo/d, with a total reserve recovered of 14.27 MMbo. The contractors will be paid a fee for services rendered, only if there is incremental production.  Petroecuador EP remained the exclusive owner and operator of the activities in the area, with the contractor performing services under this agreement. The contract will be valid for 15 years. During this period, the contractors are expected to incorporate new technology in the Atacapi-Libertador fields, in order to increase production, using data from seismic reprocessing, updating of simulation reservoir studies, by drilling new wells plus remedial work on the existing wells, and modernization of production facilities.
Tecpetrol Libertador and Setecpet E&P has acquired 25% interest in the mature fields Libertador and Atacapi from Canacol Energy for US$36,4 MM.