The operations division of state-run Petroecuador has been looking for companies to partner with in boosting its oil output and reservers at its 16 oil fields. Petroamazonas had already drawn up a proposal and presented it to 31 prospective companies. The proposal included fee-for-service contracts like optimization and secondary recovery. These production methods were could boost oil output.
In a statement, Petroamazonas said, "The contractors will receive a payment for each incremental barrel of production." The company however, did not disclose the names of any of the 31 prospective companies. Interested partners could submit their offers until November of this year.
Ecuador President Rafael Correa in 2010 had changed the country's oil field contracts by having its joint venture partners as service contractors. The president had since then made the government place heavy investments in the oil sector to boost oil production. Last month, the OPEC member-country would be open to having part of the Amazon rainforest explored for oil reserves after his conservation plan for the same habitat lacked financial backing from rich nations.
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