Twelve oil firms qualify for field services concession of PetroEcuador

Dec 13, 2004 01:00 AM

Twelve international oil companies have qualified to participate in an oil production and services concession in four fields currently operated by Ecuadorian state-oil company PetroEcuador.
Energy Minister Eduardo Lopez said the 12 companies would soon receive an official invitation to submit their formal bids.

The government hopes the concession will generate new investment of $ 300 mm over the next two years and boost the level of extractive technologies currently used in the Shushufindi, Auca, Lago Agrio and Culebra-Yulebra-Anaconda fields.
The four fields now produce some 116,000 bpd, representing 57 % of state-oil output. If he concession is successful, officials expect that level of production to increase 40,000 bpd to 156,000 bpd. The energy ministry will announce the results of the concession and sign the respective contracts in January.

Source: Dow Jones
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