Ecuador seeks investment bank to market ITT oil field deal

Jul 05, 2002 02:00 AM

Ecuador will hire an investment bank this autumn to help it find a private-sector partner to exploit the large Ishpingo-Tamococha-Tiputini oil field in the easternmost reaches of the Andean country. State-run oil company PetroEcuador will begin the selection process in September and award the investment banking contract in November, according to Francisco Rendon, who oversees contracts at PetroEcuador.
He said ITT has 1.41 bn barrels of proven reserves, and that 15 foreign companies have expressed interest in the oil block.

Ecuador is seeking a private-sector partner to help develop the field with PetroEcuador, which needs to invest around $ 3.5 bn in the project over the next seven years.
The government has said in the past it hopes to attract $ 1.2 bn in private-sector funding by parcelling out a stake in the oil field, as part of a broader plan to raise $ 4.3 bn from hydrocarbon sector privatisations between 2001 and 2005. ITT has 15-degree API crude and is located in Amazonia, next to Block 31, which is being developed by Argentina's Perez Companc.

Source: Dow Jones
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