Petroecuador to Launch Offshore Gas E&P Bidding in 2008
Ecuador's state oil company Petroecuador early next year will launch bidding for natural gas E&P in the gulf of Guayaquil, the energy and mines ministry and presidential websites reported.
The planned gas E&P is part of the government's plan to increase hydrocarbons production, the ministry said in a statement. Additional details were not released.
The gas also would be used to advance plans to use gas to fuel taxis, the statement said.
The only large-scale natural gas project in Ecuador is the Amistad field in the gulf of Guayaquil, according to the US Energy Information Agency (EIA).
Houston-based Noble Energy (NYSE: NBL) operates the field, which supplies Noble's Machala thermoelectric plant in the country.
Although Ecuador's oil industry produces a significant amount of natural gas as part of its operations, most of the gas is flared off due to a lack of infrastructure to capture it, according to EIA.
Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Ecuador to Offer Oil Blocks Under New Bidding Terms in Jan (Oct 06)
- Kemp: Oil Price War Inflicts Collateral Damage in Latin America (Feb 09)
- Ecuador's Petroamazonas Seeks Partners to Boost Oil Output (Sep 26)
Company: Noble Corporation more info
Manages 28 Offshore Rigs
- Sembcorp Marine Delivers World's Largest Jackup Noble Lloyd Noble (Jul 18)
- Oil Industry Maintains Country Club Culture During Downturn (May 23)
- Freeport to Pay Noble $540 Million to Not Use 2 Oil Rigs (May 10)