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CRS Resources (Ecuador) LDC (hereinafter referred to as CRS) was purchased by Sinochem Group from ConocoPhillips Co. of USA in 2003. It owns a portion of the participating interest in the Block 16 of Ecuador.
Ecuador Block 16 is located in the middle of Oriente Basin within Ecuador border, covering an area of 2,188 km². It consists of 7 oilfields which have been already put into production.
After purchasing CRS, Sinochem Group made full use of domestic water flooding oilfield development technology. In recent years, benefiting from higher investment in scientific research and technologies and from stronger cooperation with partners, the efficiency of those wells in Block 16 has been continuously enhanced, generating a steady increase in oil yield. In August 2007, the Block 16 recorded its highest daily oil production at 70,000 barrels. The Block is now in the process of stable production.
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