Petroecuador to Tender 9 Marginal Fields in mid-September
The tender committee of Ecuador's state oil company Petroecuador will call for bids September 14-16 on nine marginal fields in the Amazon region, the country's energy ministry said in a statement.
The fields the company will tender are the following: Armadillo, Chanangue, Eno-Ron, Frontera-Tapi-Tetete, Ocano-Pena Blanca, Pacay, Pucuna, Puma and Singue.
The proved reserves of the fields total 120 million barrels (Mb) and initial investment for development is expected to reach a combined US$300mn.
Specifically, the fields with the largest proved reserves are Frontera-Tapi-Tetete with 45.9Mb, Pucuna with 24.3Mb and Puma with 14.2Mb.
The ministry hopes the contracts will increase total production from the fields to 30,000 barrels a day (b/d), up more than 400% from the current production level.
The Frontera-Tapi-Tetete field already produces 4,338b/d and the Pucuna block produces 1,619b/d, while the others are not yet producing.
Crude at the nine fields ranges from API grade 18-34, with the highest coming from Frontera-Tapi-Tetete, Chanangue and Pucuna.
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