Halliburton has just turned 100. How is the experience gathered over this time being shared across countries and being brought to Ecuador?
We are really proud of our 100 years as few companies reach that milestone, and even fewer are as well positioned for continued success as we are today. One thing we learned over the last century is that to have long-term sustainability we need to collaborate with our customers to deliver unsurpassed value. Especially in Ecuador, where we have operated for almost 50 years, we are focusing our efforts on providing solutions, not just selling tools or products. We worked in partnership with Petroamazonas on the Igapo Project, for example, and brought our expertise to help develop fields that resulted in nearly tripling production in 12 months. More importantly, we are collaborating to help the field perform at its best.
How did technology serve to triple production at Igapo?
Using Halliburton technology, we were able to drill wells and produce from two different zones by measuring the production from each. Intelligent completion technology also allows us to intervene in a specific zone with no damage to the reservoir. There are great opportunities in digitalizing Ecuador's oil sector. For example, we can monitor operations at Igapo from our corporate offices in Quito or from a smartphone and put in place corrective actions in real time. One technology that is gaining significant traction in Ecuador is water flooding, which allows us to increase pressure and recover much more oil than we would under normal pressure conditions.
Given Halliburton's status as a pioneer in fracking, what potential do you see in applying this technology in Ecuador?
Unconventional fracking experienced rapid growth in the US, and many regions see it as an option to take advantage of their oil reserves. Other regional countries are already using it, such as Argentina. Regarding Ecuador, we do not have in-depth studies on unconventional reserves or if they are economically feasible for extraction. Without these studies, it is difficult to talk about unconventional fracking in Ecuador. However, Halliburton is the leader in hydraulic fracturing, and we are able to show that fracking can be done in a safe and environmentally friendly way.
Ecuador is expected to increase its oil output. What are the challenges in this regard?
There are many challenges, some quite sensitive. One is Ecuador has blocks that operators have not explored, but they have potential to entice additional investors. The key here is to have an open conversation with society and communities and explain that the oil and gas industry today is not the same as 30 years ago.
How has Halliburton been involved in renewable projects in Ecuador?
Halliburton was the first company to drill a geothermal well in the country in 2017, taking advantage of its experience from oil fields and other geothermal projects around the world. Despite the challenges of this specific project, we proved the concept for Ecuador, and the country is now considering new geothermal wells. This is a great example of how we successfully applied superior engineering and collaborated with customers on other energy sources. The fossil fuel business is still very strong, and renewable energy is gaining ground. Our value proposition remains solid and applicable to any source of energy, and we continue to collaborate and engineer solutions to maximize value for our customers.