PetroEcuador accepts bids for blocks in Pacific Gulf of Guayaquil

PetroEcuador said it is now accepting bids on four blocks in the Pacific Gulf of Guayaquil, which it is opening for exploration and production. The four blocks, three offshore and one both on- and offshore, are said to comprise some 1.68 mm hectares.

PetroEcuador was in Houston to launch the licensing campaign for the Guayaquil blocks to industry investors. The state-owned oil company hopes to receive at least $ 200 mm in payment for the rights to explore and develop the four blocks to production.
Gustavo Gutierrez, president of PetroEcuador, said the blocks are highly prospective and that he anticipates considerable interest from both majors and independents alike.