It will have to face Argentine, Chinese and Canadian companies for four of Ecuador’s six oil blocks.
He Ministry of Energy of Ecuador said on Wednesday that it received seven offers from four interested companies – among which is the Uruguayan Petrobell– in the development of a group of oil blocks located in the Amazon of the Andean country, at a time when the Government seeks to boost crude production.
The companies showed interest in four of the six blocks grouped in the Intracampos II round, which according to initial estimates require a private investment of $2.1 billion under a participation contract, wrote the Ecuadorian Ministry of Energy on its Twitter account.
China’s Andes Petroleum, Canada’s Petrolia, the Ecuadorian arm of Uruguay’s Petrobell and Petrolamerec, an in-country subsidiary of Argentina’s Petróleos Sudamericanos, submitted technical and economic offers for the blocks, located in the border province of Sucumbíos, the ministry said. of Ecuadorian Energy.
What will the process be like?
The final report for review and approval, made by the evaluation commission, is expected to be in June and must be approved by Hydrocarbon Tenders Committee (COLH) to end the process.
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In this sense, it is estimated that, by the third quarter of 2023, the signing of the contracts will be executed, under the Participation modality, with the winning companies for the development of the blocks: Tamya, Saywa, VHR Este and VHR Oeste, located in the province of Sucumbíos.
Ecuadorian President William Lasso He had promised to double the country’s crude production by the end of his term in 2025, but has acknowledged that the goal will not be met due to problems sustaining production and attracting private investment.
Government authorities said they carried out a process of prior socialization with indigenous communities and settlers in the areas of influence of the oil blocks to be tendered. On the other hand, Ecuador foresees new bidding processes for important oil areas this year.
Source: Ambito
