Posted On 19 Jun 2017
Ecuador’s state oil company Petroamazonas announced it would open an international tender to increase the production of 15 smaller fields in an attempt to boost extraction levels in the country.
Strategic partners are the aim to operate these fields through service contracts, whose production is less than 5,000 barrels a day (bpd), and which have reserves of about 139.2 million barrels.
“We seek strategic partners that meet the technical and economic conditions to develop these projects,” said Alex Galárraga, Petroamazonas Director, in a communiqué. “The aim is increasing the production of these fields, by means of national and international investments.”
Petroamazonas did not reveal the amount of the investment needed for the exploitation of the fields located in the Amazonian provinces of Orellana and Sucumbíos.
The fall in oil prices has hit the economy of OPEC’s smallest partner, which has reduced investments in the sector and has forced the oil company to seek strategies to pay service companies.
Petroamazonas currently produces an average of 430,000 bpd, with an average production cost of $ 17.26 per barrel. (I)