September 25, 2013 / 10:57 PM / 4 years ago

Ecuador's Petroamazonas seeks partners to boost oil output

QUITO (Reuters) - Petroamazonas, a division of Ecuador’s state-run oil company, said on Wednesday it is seeking to partner with companies that can help it boost production and increase reserves at 16 of Ecuador’s oil fields.

Petroamazonas, the operations division of state oil company Petroecuador, said it had made a proposal to 31 companies for fee-for-service contracts that can boost production through methods including optimization and secondary recovery.

“The contractors will receive a payment for each incremental barrel of production,” the company said in a statement.

Interested partners can make offers until November 2013. Petroamazonas did not name any of the 31 companies.

The government of President Rafael Correa in 2010 revamped Ecuador’s oil field contracts by ordering joint venture partners to become service contractors. Since then Correa has focused on boosting oil output through heavy state investment.

Last month he said the country, an OPEC member, will open up part of the Amazon rainforest to oil drilling after rich nations failed to back a conservation plan that would have paid Ecuador not to explore in the area.

Reporting by Alexandra Valencia; Editing by Leslie Adler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below