Ecuador has launched a bidding round for foreign firms to develop some of its energy reserves including an offshore natural gas field in the Gulf of Guayaquil, according to Reuters.
A winning bidder will have the right to operate the Amistad gas field under a 10-year service contract.
It is currently being operated by the South American nation’s state oil firm Petroamazonas and produces 39 million cubic feet per day (MMcf/d) but Ecuadorean authorities hope bid winners will be able to boost output of existing wells and explore for new reserves.
The auction process is expected to end in June.