The company will receive offers through March 9 and award the contract March 17, the statement said.
The winning bidder will then have two months to complete the engineering.
Once the basic design has been carried out and environmental licenses granted, the block's development plan would be presented to the national hydrocarbons department (DNH) for approval.
Petroecuador expects to begin drilling the first wells at Panacocha by year-end, a Petroecuador spokesperson told BNamericas.
The block has proved reserves of 64.9Mb and probable reserves of more than 27Mb.
Production of 25.2 API grade crude on the block is expected to begin at 4,817b/d and reach peak output of 13,000b/d in its second year of production and third year of development.
Total output for the block's 18-year production period could reach 68.3Mb.
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