Petroecuador Receives 27 Bids for 7 Marginal Fields

The tender committee of Ecuador's state oil company Petroecuador has received 27 bids for seven of eight marginal fields in the Amazon region, the company said in a statement.

The tenders relate to the following fields: Armadillo, Chanangue, Eno-Ron, Frontera-Tapi-Tetete, Ocano-Pena Blanca, Pucuna, Puma and Singue, although none of the companies submitted bids for the Eno-Ron field.

Petroecuador received six bids for the Armadillo field, five for the Frontera-Tapi-Tetete field, six for the Pucuna field, five for the Puma field, three for the Singue field and one each for the Chanangue field and Ocano-Pena Blanca fields.

Companies and consortiums that submitted bids were: Cayman; Ecopetrol; JTI; Petroriva; Petrotesting Colombia; Sociedad Internacional Petrolera; Petrosud-Petroriva; Drilling and Workover Service and Marmaoil; a consortium led by Dygoil; a consortium led by Ecuavital; a consortium led by Pecs Iecontsa; a consortium led by Petrobel and a consortium led by PetrĂ³leos del Pacifico.

Petroecuador will open technical bids the week of November 6 and open the economic bids the week of November 13.

The fields' proven reserves total some 120Mb and initial development investment is expected to total US$300mn, according to Petroecuador.

Specifically, the fields with the largest proved reserves are Frontera-Tapi-Tetete with 45.9Mb, Pucuna with 24.3Mb and Puma with 14.2Mb, BNamericas reported previously.

Frontera-Tapi-Tetete already produces 4,338b/d and Pucuna 1,619b/d. The others are not yet producing.

Crude at the fields ranges from 18-34 API, with the highest coming from Frontera-Tapi-Tetete, Chanangue and Pucuna.

The ministry hopes the contracts will increase total production from the fields to 30,000b/d, up more than 400% from current production levels.

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