State oil company Petroecuador has confirmed that certified crude reserves at the Sacha oil field in eastern Ecuador have increased to 640 million barrels.
Total proven, probable and possible reserves at the site grew by a factor of 1.6 from an earlier estimate of roughly 350 million barrels, general manager Sebastian Maag announced.
Maag confirmed the results of the new certification on Thursday, 20 August 2026, following his participation in the Korea-Ecuador Energy Cooperation Seminar held in Quito.
He described the updated assessment as very good news for a field that has been in operation for more than 40 years, noting that expanding reserves by 1.6 times after four decades of continuous extraction demonstrates the sheer scale of the deposit.
Petroecuador commissioned the independent audit to establish a clear valuation of its exploration and production portfolio. Hydrocarbons remain Ecuador's primary export commodity, making accurate reserve accounting vital for the national economy.
Production targets and natural decline
Maag explained that updating reserve figures was essential to plan future production strategies at Sacha. Oil fields naturally decline over time, with most Petroecuador assets experiencing an annual decline rate of 25 per cent.
Identifying new reserves allows the company to counter this natural reduction by launching fresh investment projects designed to grow production by at least 25 per cent, effectively outpacing the natural decline rate.
In the case of Sacha, Petroecuador sees significant opportunities for growth. Before the field enters its eventual decline, the state firm intends to push daily output toward a peak of between 80,000 and 90,000 barrels per day.
Achieving that target requires updated reserve data to justify heavy capital investments in the asset. Maag noted that Petroecuador may seek commercial partners to help fund development and maximize the field's production potential.
The jewel in Ecuador's oil sector
Sacha, also known as Block 60, is located in La Joya de los Sachas canton within Orellana province, in Ecuador's eastern Amazonian Oriente region.
The site is Petroecuador's highest-producing oil field and is widely regarded within the country as the crown jewel of the state energy sector.
Between January and July 2026, Block 60 produced an average of 71,328 barrels of crude oil per day. That represents a 6.3 per cent increase compared to the 67,107 barrels per day generated during the same period in 2025.
Average daily output from Block 60 accounted for approximately 20 per cent of Petroecuador's total oil production during the seven-month period, which reached 363,044 barrels per day according to the state company's latest statistical report.
Contractual plans and future certifications
Regarding the long-term outlook for Block 60, Maag said Petroecuador is currently defining a contractual framework aimed at attracting a partner that can bring the greatest value to the asset. He emphasized that the company intends to establish this contractual framework before the end of the year.
The reserve update at Sacha is part of a broader audit across the state oil firm's holdings. Petroecuador plans to conduct reserve recertifications across all of its main oil fields.
Results from these comprehensive field studies are expected to be available in approximately two to three months.
Following the completion of the reserve studies, Petroecuador will carry out a thorough asset valuation. Maag explained that this process will make the state company more bankable and put it on a firmer financial foundation.
