Ecuador opens up bidding for oil exploration

Posted on November 28, 2012 • Filed under: Ecuador, Oil

Ecuador opens Wednesday a tender to private and state companies to explore 16 oil blocks in the Amazon, with potential reserves of 1,600 million barrels, a process that faces the rejection of indigenous communities. The offer will be formalized in the night by President Rafael Correa, whose country-the smaller partner of OPEC – not perform exploratory investments with foreign firms for 16 years and held its last tender large scale in 2002. Read Article

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