News listings

energy-pedia licensing

Ecuador flagEcuador

South America / GoM >>> Ecuador

Ecuador seeks $800 million investment in oil and gas bid round

13 Mar 2018

Photo - see caption

Ecuador on Tuesday launched a bidding round for foreign companies to develop oil and gas reserves, hoping to attract some $800 million in investment to boost production in the Andean nation’s sluggish economy.

Winners will operate four oil fields in Ecuador’s eastern Amazon region and one natural gas field in the gulf of Guayaquil under 10-year service contracts, officials said, adding that payments will be linked to global oil prices.

The Cuyabeno-Sansahuari, Yuralpa, Oso and Blanca-Vinita fields produce 36,300 barrels per day (bpd). The government hopes to raise output by about 15,000 bpd.

'Current (oil) prices allow us to increase activity in eastern Ecuador to boost employment, boost production and explore for new reserves,' Alex Galarraga, manager of state-run oil company Petroamazonas, said during the announcement of the tender.

The Amistad natural gas field has production of 39 million cubic feet per day, which the company expects will rise by 11 million cubic feet per day. Ecuadorean President Lenin Moreno has said the government plans to increase crude production by 80,000 barrels per day (bpd) this year by adding barrels from the Amazon area.

Oil Minister Carlos Perez said Ecuador was producing below its quota allowed by the Organization of the Petroleum Exporting Countries (OPEC), so it has room to raise output.

The auction process is expected to be completed in June.

Companies will be able to carry out drilling, well completion, reactivation of closed wells and construction of required facilities.

Original article link

Source: Reuters

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current deals: 1684
Completed deals: 5145

Company Profiles

Current Company Profiles: 2631

Corporate Activity

Current Corporate Activity articles: 3236

Companies Looking

Current number of articles: 425

Company Sales

Current Company Sales articles:1344


Current Geostudies articles: 626

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

SLR Consulting logo
Lynx Information Systems
count geophysics
EP Consult Energies
Union Jack Oil 149
Rose & Assocs 149
Government of South Australia
KL Publishing
RSK Logo 149
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675