Petroamazonas yesterday executed a new model of negotiation to award oil fields. The state-owned company accepted bids from oil companies seeking to provide services in 16 smaller fields.
This new modality, explained Minister of Hydrocarbons Carlo Perez, takes into account four parameters: the minimum cost of the barrel of oil, the maximum cost, the production of barrels and the investment that the oil company is willing to do.
Perez said they expect to reach agreements with companies and sign contracts in a month. (I)