Tender Committee Ratifies Marginal Block Bidding Rules
The tender committee of Ecuador's state oil company, Petroecuador, has ratified bidding rules for oil exploration & production in eight marginal blocks in the Amazon region, the presidential website reported.
Twenty-two companies have purchased rules to date, committee president and energy and mines minister Ivan Rodriguez said. Offers are due November 1.
Initial investment will be roughly US$130mn and output is estimated at 30,000b/d, the report said.
The blocks are Armadillo, Chanangue, Eno-Ron, Frontera-Tapi-Tetete, Ocano-Pena Blanca, Pucuna, Puma and Singue, in Orellana and Sucumbios provinces.
The blocks have combined proven reserves of 116Mb of API grade 18-35 crude.
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