Solicitor General Jose Maria Borja told Dow Jones Newswires Thursday President Lucio Gutierrez has agreed to revamping the auction, which became necessary after Gutierrez approved changes to the terms at the beginning of the month.
One change in particular needed to be brought into line with current legislation: the elimination of the requirement that private oil companies turn over 35% of their output to the state.
The original auction, which was undertaken last November, involved four fields in the Amazonia region with proven reserves of 904.6 million barrels. Eighteen firms have bought auction packets. Bids should be submitted April 5.
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