QUITO, (Reuters) – Ecuador launched a bidding process yesterday 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.