Ecuador's state owned Petroecuador said Tuesday it is seeking to boost production at its mature and older oil fields by 15% from 2012 by inviting investors.

Interested companies must present offers by the end of February and contracts will be signed in March, said Dalton Munoz, Petroecuador's exploration and production manager.

Petroecuador currently operates the Shushufindi, Libertador, Auca, Lago Agrio and Cuyabeno oil fields in the Ecuador's northern Amazon region.

The five Petroecuador oil fields produce about 120,000 barrels of oil per day, equal to about 26% of Ecuador's national production.

Petroecuador's investment expectations range between $100 million and $500 million for each oil field, over the next five years.

About 10 companies are said to be interested in the project, including Halliburton (HAL), the Swiss-based Weatherford (WFT), Baker Hughes (BHI), Russia's Bakrie Kalila and Schlumberger (SLB).

The state owned oil fields where the contracted companies would operate have been in production for over 30 years and their oil has high water levels. Of each barrel produced about 60% is water and about 40% is oil, Petroecuador said at a press conference.

By Dow Jones Newswires; 0059389167095; peru@dowjones.com
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024 Click aqui para mais gráficos Schlumberger.
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024 Click aqui para mais gráficos Schlumberger.