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Ecuador set up new bidding terms to offer new oil blocks in January




By Marianna Parraga

Petroleumworld 10 09 2017

Ecuador will offer oil exploration blocks in January under new contract terms that it expects will attract greater interest, the country's oil minister said on Friday.

Carlos Perez, speaking at Rice University in Houston about the country's efforts to attract foreign energy investment, said Ecuador plans to lift production to 400,000 barrels per day (bpd) in four years.

The country will support any decision by the Organization of the Petroleum Exporting Countries (OPEC) as long as it remains a member of the group, he added. OPEC plans to review its production curbs this year and has signaled a willingness to extend them into 2018.

Story by Marianna Parraga; Reporting by Gary McWilliams; Editing by Jonathan Oatis from Reuters.

reuters.com 10 06 2017

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