World
  |
|
Foreign companies eye Ecuador oil field
Business Week
QUITO
Petroleumworld.com 03 30 07State oil companies from China, Chile and Brazil have expressed interest in presenting bids for a large Ecuadorean oil field located in a jungle nature reserve, the president of the country's state oil company Petroecuador said Thursday.
The Ishpingo-Tambococha-Tiputini oil field, located in Yasuni National Park -- a UNESCO Biosphere Reserve -- holds close to 1 billion barrels of crude, Petroecuador's president, Carlos Pareja, said at a news conference.
Pareja said Chile's Enap, Brazil's Petrobras, and China's Sinopec oil companies were expected to present bids on the fields, but he did not provide a time frame.
President Rafael Correa wants to develop the project "as soon as possible," Pareja said, adding that it is "extremely important to the economic future" of the impoverished Andean nation.
"It is inconceivable that there is extreme poverty and undeveloped wealth in the country," Parejas said. "I don't see how to improve the economy if we don't develop" this project.
Before he took office Jan. 15, Correa said he planned to expand the state oil company's role in production and commercialization of Ecuador's oil.
The country is South America's fifth largest oil producer, and pumps some 535,000 barrels of crude per day.
Oil is Ecuador's major export, providing 55 percent of its annual export income of $9.8 billion.
Petrobras shares fell 32 cents to $101 in the aftermarket. Sinopec American Depositary Shares rose $1.35 to close at $52.65 on the New York Stock Exchange.
Business Week 29 03 07
Copyright© 2007 Business Week. All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels