Petrominera Preparing Proposal for Two Marginal Fields

Argentine oil company Petrominera, which is owned by the government of Chubut province, is preparing an economic proposal to become operator of two marginal fields in Ecuador's Amazon basin, the provincial government reported in a statement.

The blocks of most interest to Petrominera are the Frontera and Pacoy blocks, the province's hydrocarbons secretary Sergio Bohe told BNamericas by email.

The results of studies being conducted on the fields and the subsequent economic equation will determine the level of state participation in oil production to be proposed by Petrominera, Bohe said.

Although no tender for the blocks is ongoing, Ecuador's hydrocarbons law permits direct proposals from state-owned companies for marginal fields, which produce less than 5,300 barrels a day of oil.

"The primary role of Petrominera will be a launch point, a facilitator or integrator of projects that will bring as many companies and local groups as possible to conduct business in Ecuador," Bohe said.

Petrominera will seek the assistance of SMEs from Argentina and Ecuador on the project, Bohe said, adding Chubut SMEs have operated in Ecuador for more than five years.

The deal would be Petrominera's first international venture, Bohe said. The company chose to pursue Ecuadorian activities because of the size of operations, the receptiveness of the country and the complementary nature of Ecuador's technology and industry.

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