Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Ecuador's Petroamazonas Seeks Partners to Boost Oil Output

change text size

Reuters

QUITO, Sept 25 (Reuters) - Petroamazonas, a division of Ecuador's state-run oil company, said on Wednesday it is seeking to partner with companies that can help it boost production and increase reserves at 16 of Ecuador's oil fields.

Petroamazonas, the operations division of state oil company Petroecuador, said it had made a proposal to 31 companies for fee-for-service contracts that can boost production through methods including optimization and secondary recovery.

"The contractors will receive a payment for each incremental barrel of production," the company said in a statement.

Interested partners can make offers until November 2013. Petroamazonas did not name any of the 31 companies.

The government of President Rafael Correa in 2010 revamped Ecuador's oil field contracts by ordering joint venture partners to become service contractors. Since then Correa has focused on boosting oil output through heavy state investment.

Last month he said the country, an OPEC member, will open up part of the Amazon rainforest to oil drilling after rich nations failed to back a conservation plan that would have paid Ecuador not to explore in the area.

(Editing by Leslie Adler)

Copyright 2014 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Senior Project Manager (SURF Installation)
Expertise: Subsea Engineering
Location: Houston, TX
 
Senior Subsea Engineering Lead
Expertise: Subsea Engineering
Location: Houston, TX
 
Drilling Engineer
Expertise: Drilling Engineering
Location: Lafayette / Oklahoma
 
search for more jobs