Coming soon





& Tobago




Very usefull links



The Global Barrel

Tiempo Culural

Gustavo Coronel


Le Blog des
Energies Nouvelles

News Links




Dow Jones



Views and News






Ecuador planning bids for oil blocks, refinery in 2022 -minister

Daniel Tapia/Reuters

Oil field technicians work with a drill at an oil rig of Ecuador's state oil company Petroamazonas, in Tiputini, Ecuador

By Alexandra Valencia / Reuters

Petroleumworld 11 19 2021

Ecuador hopes to hold at least four auctions in 2022 to award oil blocks and the operation of Esmeraldas, its largest refinery, to private companies as it seeks to pull in billions of dollars in investments, Energy Minister Juan Carlos Bermeo said on Friday.

The blocks up for grabs are currently controlled by state-run oil company Petroecuador, but the government of President Guillermo Lasso hopes to generate $19 billion in investments and boost oil production to 1 million barrels per day (bpd) by the end of his term in 2025.

The government plans to hold an auction for the offshore Amistad field, located in the Gulf of Guayaquil, where the successful bidder will assume the investment risk for developing and producing gas, the minister said.

Similarly, it hopes to award the Sacha field - one of Ecuador’s biggest and which has current daily production of 64,000 bpd - to interested companies.

“The Sacha field has been producing for more than 40 years, with infrastructure that needs investment the government currently cannot give,” Bermeo said, estimating that developing the field would need $2.8 billion in investments.

The new oil contracts will allow companies to take split profits with the government, in order to spark interest in the private sector.

Previous contracts simply paid companies for supplying operating services

The government hopes to attract $2.7 billion in investments for the Esmeraldas refinery, which has a capacity to process 110,000 barrels of oil a day (bpd).

“We have everything ready ... we have the contract model ready and we can hopefully launch this process in December this year,” the minister said.

Another oil bidding round includes blocks in the Amazon which have high potential but face strong opposition from local indigenous communities.

Ecuador currently produces around 485,000 bpd, mostly from Petroecuador.


Reporting by Alexandra Valencia; Writing by Oliver Griffin; Editing by Jonathan Oatis from Reuters 11 19 2021



Editor & Publisher:Elio Ohep /
Contact Email:

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.