Committee Greenlights Marginal Fields Contract Talks

Ecuadorian state oil company Petroecuador's special tenders committee has authorized negotiations to proceed with the highest-ranked bidders for marginal oilfields.

Talks are due to begin Tuesday (Sep 25), Petroecuador said in a statement.

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

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

Energetico Gran Colombia was the best-ranked bidder for Armadillo; Petrolero Amazonico received the most points for Frontera-Tapi-Tetete, Pucana and Singue; and Petrolero Pegaso is vying for Puma, the statement said.

Investments in the fields are due to reach US$180mn and will increase output by a total of 10,000-30,000b/d.

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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