Ecuador seeks $2 bln investment for oil blocks in tender launch
Authorities said they had advised nearby indigenous and local communities about the plans to develop the oil blocks. Ecuador plans to sign shared rent contracts in March 2023 with the companies that are awarded the blocks.
- Country:
- Ecuador
Ecuador launched a bidding process on Thursday to seek developers for six exploratory oil blocks in the Amazon region, hoping to draw in investment of some $2 billion. The government of President Guillermo Lasso, a former banker who took office last year, has set a national goal to boost production to 756,000 barrels of oil per day (bpd) by 2025 from the current 490,000 bpd.
To do this, the South American country is looking for strategic partners to develop little-explored oilfields. The blocks up for auction, grouped in a round known as Intracampos II, are considered low risk and located in the Sucumbios province, where existing oil infrastructure is expected to help development, according to the government.
"I am convinced that this round will mark an important milestone in oil exploration and exploitation," said Energy Minister Xavier Vera during the launch of the bidding round. Authorities said they had advised nearby indigenous and local communities about the plans to develop the oil blocks.
Ecuador plans to sign shared rent contracts in March 2023 with the companies that are awarded the blocks.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- South American
- Amazon
- Guillermo Lasso
- Ecuador
- Energy
ALSO READ
Amazon Ordered to Comply with EEOC Subpoena Over Pregnancy Discrimination Claims
Federal Court Orders Amazon to Comply With EEOC Subpoena Over Pregnancy Discrimination Claims
Amazon Ordered to Comply with EEOC Subpoena in Pregnancy Discrimination Probe
Amazon Unveils Major Deals and New Products for Prime Day 2024
Breakthroughs in South American Prehistory and Robotic Technology