Ecuador launched the Intracampos II Round, which plans to attract more than US$2bn

This Ministry of Energy and Mines release was published using machine translation.

In a public act, the National Government, through the Ministry of Energy and Mines, carried out this October 06, the official launch of the XIII Oil Round called Intracampos II, a bidding process that seeks to attract investments for development in phases of Exploration and Development of six hydrocarbon blocks: Tamya, Saywa, Tetete Sur, Lumbaqui, VHR Este and VHR Oeste, located in the province of Sucumbíos.

This process foresees the raising of approximately USD 2,100 million for the exploration and operation stages of the blocks that are awarded. It is estimated that with the award of the six blocks an additional 18,000 to 24,000 barrels of oil per day can be obtained, with an API degree of between 13º and 31º.

The fields that are formed in this Round are exploratory and are located between production zones. Available information includes 3D and 2D seismic. Additionally, the area has existing infrastructure corresponding to the transportation of hydrocarbons such as the SOTE and OCP. In addition, it has a developed oil services industry.

The contracts that will be handled in this bidding process correspond to the Participation Modality, in which the winning private operator must invest all the economic and technical resources, which implies that the Ecuadorian State will not commit any investment for the development of fields.

The blocks to be tendered have various technical characteristics such as:

Lumbaqui: Approximate area of 167,491.5 hectares, with prospective resources of 24.63 million barrels and an expected API degree of 26º - 31º.

Saywa: Approximate area of 133,519.6 hectares, with prospective resources of 18.15 million barrels and an expected API degree of 14º - 17º.

Tamya: Approximate area of 9,957.2 hectares, with prospective resources of 17.27 million barrels and an expected API degree of 18º – 22º.

Tetete Sur: Approximate area of 3,096.2 hectares, with prospective resources of 4.60 million barrels and an expected API degree of 22º - 26º.

West VHR: Approximate area of 8,913.3 hectares, with prospective resources of 9.85 million barrels and an expected API degree of 21º – 28º.

East VHR: Approximate area of 8,913.3 hectares, with prospective resources of 33.68 million barrels and an expected API degree of 21º – 28º.

The blocks to be offered in the Round have been established respecting the areas allocated to the National System of Protected Areas, for which the Ecuadorian State will ensure that the winning companies fully comply with Ecuadorian environmental regulations to generate a development model for the industry. Also, the companies that are designated for the development of the new blocks must comply with the environmental licensing process, prior to carrying out the hydrocarbon activities.

The event was attended by the Minister of Energy and Mines, Xavier Vera Grunauer; the Vice Minister of Hydrocarbons, Xavier Briz; authorities of the country's hydrocarbons sector, representatives of private oil operators and national and foreign investors.

The Government of the Meeting works responsibly to develop processes aimed at attracting significant capital to benefit the fiscal fund, strengthen the execution of public works and promote social programs, specifically the fight against chronic child malnutrition.