Ecuador to start auctioning eleven marginal oil fields

Apr 08, 2005 02:00 AM

Ecuadorian Energy Minister Eduardo Lopez will call an auction of 11 marginal oil fields.
Lopez told that the fields to be included in the offer are Ron, Eno, Puma, Armadillo, Frontera, Chanangue, Ocafo-Pena Blanca, Singue, Tetete-Tapi, Pucuna and Pacay.

The fields currently produce a combined 7,500 bpd of 22- to 26-grade crude, as measured by the American Petroleum Institute.
A field is considered marginal if production doesn't exceed 1 % of total national production, which currently amounts to about 550,000 bpd.

The government expects the concessions to lead to investment of some $ 20 mm and a total increase in Ecuador's output of 15,000 bpd to 20,000 bpd.

Source: Dow Jones
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