Petroecuador Mulls International Tender for ITT

Ecuador's state oil company Petroecuador is analyzing several options to develop the ITT oilfields in the Amazon, including plans to launch an international tender, company president Carlos Pareja said in a statement.

Ecuador would call on international experts to help develop bidding rules if it decides to launch the tender. Bidding "would let the country receive various offers for this project, allowing it to choose the best for the country," the statement said.

Petroecuador is mulling several ideas for ITT due to the "intense interest" state and private companies have shown in the oilfields, which could hold 950Mb, according to the statement.

Other options include accepting an offer for ITT that is due to arrive in three months from state oil companies Petrobras (Brazil), Enap (Chile) and Sinopec (China). Petroecuador and the three companies have signed an MOU to develop ITT.

Further, Venezuela's state oil company PDVSA has expressed interest in ITT and could submit an offer that would entail working with Petroecuador and possibly Petrobras, Enap and Sinopec, according to the statement.

In addition, Petroecuador is in touch with state oil companies from the following companies that have shown interest in the project: Indonesia, Japan, Malaysia, India, Argentina, Colombia and Peru.

France's Total (NYSE: TOT) also is keen to help develop ITT, Petroecuador said.

ITT (Ishpingo-Tambochocha-Tiputini) would require at least US$5bn in investment.

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