Two Oil Companies and a Consortium Win Bidding for Intracampos Blocks in Ecuador

Source Press
Company Petroleos Sudamericanos S.A.Frontera Energy CorporationGeoPark LimitedGran Tierra Energy Inc. 
Tags Licensing Rounds, Deals, Upstream Activities
Date April 10, 2019

() The subsidiary of the Canadian Gran Tierra Energy, Petroleos Sudamericanos del Ecuador, and the consortium formed by the firms Frontera Energy and GeoPark, won the tender for the blocks that will require an investment of more than US $ 1,000 million.

Ecuador said on Wednesday that two companies and a foreign consortium won an international tender for the development of blocks with high levels of reserves but little explored, which will require an investment of more than US $ 1,000 million.

The subsidiary of the Canadian oil company Gran Tierra Energy won the offers for the Chanangue, Charapa and Iguana blocks; while a consortium made up of firms Frontera Energy and GeoPark obtained Perico y Espejo, the energy ministry said in a statement.

The firm Petroleos Sudamericanos del Ecuador had the best rating for the Arazá Este and Sahino blocks, he added.

The development of the blocks, called Intracampos, "will capture an investment of about US $ 1,170 million and will allow an estimated production peak of 18,000 barrels a day (bpd) in 2024," explained the Ministry.

The participation contracts with the winning companies will be signed in May, after the Ministry of Energy ratifies the report of the Bidding Committee.

Ecuador is seeking foreign investment to increase its crude production through tenders of important blocks, at a time when the South American country faces problems due to a high fiscal deficit and external indebtedness.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd