Ecuador launches Amazon oil licensing round
QUITO -- Ecuador's President Rafael Correa launched country's 11th oil licensing round, for 13 blocks in the Southeast Amazon, in Pastaza and Morona Santiago provinces, near the border with Peru. Petroamazonas plans to negotiate directly with foreign state owned companies to develop together blocks 28, 73 and 86 in the area.
The Andean country expects investments of between $1 billion to $1.2 billion for the 11th licensing round, including the three blocks for state companies. Companies interested will have a six month period, until May, to prepare their offers. Contracts should be signed by November next year. The government has said that according to preliminary studies the southeast area could have up to 1.6 Bboe reserves.
Dow Jones Newswires