Ecuador Resumes Bidding Process on Marginal Fields

Ecuador's government has resumed the bidding process for marginal oilfields, the energy and mines ministry said in a statement.

State oil company Petroecuador's special tenders committee will meet September 17 to award the fields after legal issues were ironed out, minister Galo Chiriboga said.

The committee, which was due to announce contract winners in November 2006, delayed the decision due to a lack of quorum, a company spokesperson said at that time.

The fields are Armadillo, Pucuna, Puma, Tetete-Tapi-Frontera and Singue, whose respective remaining reserves are 9.07Mb, 8.21Mb, 13.9Mb, 6.18Mb and 2.04Mb, the statement said.

Investment in the fields is due to reach US$220mn to increase output 10,000b/d in 2008, the statement added.

Petroecuador's current output is roughly 170,000b/d, which the company aims to increase to 180,000b/d by year-end.

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