Ecuador to re-launch four oil field concessions

Mar 26, 2004 01:00 AM

Ecuador will re-launch next month four oil field concessions to bring their original terms into line with new legislation guiding activities in the sectors, solicitor General Jose Maria Borja told.
President Lucio Gutierrez has agreed to revamping the auction, which became necessary after Gutierrez approved changes to the terms at the beginning of the month.

One change in particular needed to be brought into line with current legislation: the elimination of the requirement that private oil companies turn over 35 % of their output to the state.
The original auction, which was undertaken last November, involved four fields in the Amazonia region with proven reserves of 904.6 mm barrels. Eighteen firms have bought auction packets.

Source: Rigzone
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