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Ecuador's government has launched a process dubbed Oil & Gas 2018 to promote private investment in acreage operated by state E&P company Petroamazonas.
The areas on offer are oil-producing onshore fields Blanca-Vinita, Cuyabeno-Sansahuari, Oso and Yuralpa in the Amazon, and the natural gas offshore producing field Amistad.
Authorities estimate combined investment from the 10-year service contracts at US$755mn. Work includes well drilling and completion, well reactivation and construction of facilities.
Tariffs will be indexed to WTI and in the case that WTI is US$50/b, the estimated tariff would average US$20/b for these fields. Award of the contracts is scheduled for June.
Last month, Petroamazonas signed contracts from the Ronda Campos Menores 2017 round.
Current production: 800b/d
Estimated average incremental production: 3,500b/d
Current production: 17,500b/d
Estimated average incremental production: 5,500b/d
Current production: 13,000b/d
Estimated average incremental production: 2,000b/d
Current production: 5,000b/d
Estimated average incremental production: 4,000b/d
Province: El Oro
Current production: 39Mf3/d
Estimated average incremental production: 11Mf3/d