Four new proposals for the XI Oil Round of the South East

Andres Donoso, Minister of Hydrocarbons, announced yesterday that there are four bids for the XI Oil Round Of the South East. The Minister of Non-Renewable Natural Resources, Pedro Merizalde said it will take about four months to analyze each bid.

One of the proposal is from the Chinese company Andes Petroleum, which submitted a bid for block 79 and one for 83, the Ecuadorian state Petroamazonas did it for block 28, in partnership with their counterparts in Belarus (Belorusneft) and Chile (ENAP), and finally, the Spanish Repsol bid for block 29.

13 blocks were tendered to private companies and 3 blocks for Petroamazonas. Reserves of between 300 million and 1500 million barrels of oil in these blocks are calculated.