Ecuadorean state-run oil company Petroecuador on Thursday announced two auctions, hoping to attract private company bids for a flagship offshore natural gas field and a contract to modernize the Esmeraldas refinery.
Petroecuador is seeking a private company to build and begin operating a high conversion unit to process residue from the refinery, which has a capacity of 110,000 barrels per day, the company said in a statement. It hopes the modernized refinery will produce higher quality fuel for domestic consumption, it said.
Petroecuador is also hoping to find a partner to explore and develop the Amistad natural gas field, in the nation's Guayaquil Gulf, which currently produces 24 million cubic feet per day (mmcfd). The state firm has in recent years planned to seek partners for the area, but no deals have ultimately been signed.
Petroecuador "seeks to increase production at the Amistad field and maximize the recovery factor of its deposits in the block," the company said in an earlier release.
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