Bidding rules are on sale for US$7,500 and stipulate a bidder must agree to provide at least an 18% royalty to the province in order to qualify.
Offers will be evaluated using a scale that places 70% emphasis on the economic offer and 30% on the technical details, according to Fabio Grandon, an economist at the province's mining ministry.
Although the quantity of oil contained in Salina Grande is unknown, the product found there is light crude of some 32 degrees API, he told BNamericas. If the project winner discovers recoverable hydrocarbons, the project exploration permit would be converted into a 25-year exploitation concession, according to the bidding document.
The bids will be opened on August 15 and the province plans to award the contract after September 29.
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