The fields on offer, Auca, Culebra-Yulebra, Lago Agrio and Shushufindi, have a combined 870 million barrels in reserves and currently produce 90,000 barrels a day. Companies can bid for 20-year concessions on one or more of the four fields. Bid rules for all fields will cost a total US$200,000. Companies have 60 days to submit bids, and the ministry plans to award the contracts according to a points system in early January.
The energy ministry has eliminated a bonus that companies normally have to pay based on the field's reserves in an attempt to drum up more interest in the tender and fend off criticism of its terms.
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