Ecuador Starts International Oil Round for 15 Fields

Source: www.gulfoilandgas.com 6/27/2017, Location: South America

The Ecuadorian government, through its public company Petroamazonas EP, began an international oil round in Quito this Tuesday for 15 smaller fields located in the Amazonian provinces of Orellana, Sucumbios and Napo, with the presence Of representatives of about 70 national and international companies.

The oil company estimates the investments required for this group of fields at USD 1,186 million. The Probable, Possible and Probable reserves of the 15 smaller fields reach 191.5 million barrels.

The Minor Fields selected for this Round are:

Blanca, Tipishca, Vinita, Paka Norte, Palmar Oeste, Palmeras Norte, Yanaquincha Oeste, Guanta Dureno, Parahuacu, Araza, Frontera, Tapi TTT, Drago, Yuralpa and Pata.

During this week, until June 30, information sessions will be developed that will expand data on geology, reservoirs, production, facilities and social and environmental aspects of these fields.

The schedule of planned activities within this Round estimates the start of negotiations towards the month of August. Until then, meetings will be held with the purpose of receiving letters of interest, round of questions and answers and receipt of technical-economic proposals.

The objective of this Round is to increase the production of these fields, through the investment of national and international companies.

"Our main objective as a company is to increase the production of our fields with social and environmental responsibility. We look for companies that have the technical and economic conditions to develop these projects, "said engineer Alex Galarraga, General Manager of Petroamazonas EP.

The Minister of Hydrocarbons, Carlos Perez Garcia, states that "this Round is part of a set of strategies developed by the National Government, with a view to generating new investments in the hydrocarbon sector, stimulating a key sector for the country's development and taking advantage of Synergies between the public and private sectors ".

Petroamazonas currently produces an average of 430,000 barrels of oil per day, with a production cost of USD 17.26 per barrel.


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