Ecuador receives only four bids out of sixteen oil blocks available in Amazon jungle region

Posted on November 30, 2013 • Filed under: Ecuador, Oil

reuters.com reported that Ecuador mustered bids for just four of 16 oil blocks it offered in its Amazon jungle region which could potentially contain a total of 1.5 billion barrels of crude.

A subsidiary of Spain’s Repsol YPF – Repsol Cuba – and China’s Andes Petroleum made offers for three blocks, the awarding of which will take Ecuadorean authorities five months to finalize, Minister for Non-Renewable Natural Resources Pedro Merizalde said late on Thursday. Read Article

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