Petroecuador Launches Tenders for 8 Marginal Fields
The tender committee of Ecuador's state oil company Petroecuador has called for bids on eight marginal fields in the Amazon region, a Petroecuador spokesperson told BNamericas.
The tenders relate to the following fields: Armadillo, Chanangue, Eno-Ron, Frontera-Tapi-Tetete, Ocano-Pena Blanca, Pucuna, Puma and Singue.
Petroecuador initially had announced plans to tender the Pacay field, but did not include it in the process, the spokesperson said, without giving a reason.
The proven reserves of the fields total 115 million barrels (Mb) and prior to Pacay's removal from the tender process, initial investment for development was 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 mines and energy 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 1,619b/d, while the others are not yet producing.
Crude at the fields ranges from API grade 18-34, with the highest coming from Frontera-Tapi-Tetete, Chanangue and Pucuna.
Petroecuador will receive bids for the fields through October 16, the spokesperson said.
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