Ecuador Accepts Exploration Bids

Ecuador is accepting bids from companies wishing to explore for crude oil in a 1.2-million-hectare area in the southeast of the country, a spokesman for the Ecuadorian State Oil Company (CEPE) said.

The spokesman said companies have until October 15 to present their bids and until the middle of next year to sign contracts.

Competitors may bid for six alternative 200,000-hectare areas, in the southeast forest bordering Peru and in the western coastal plain around the Pacific.

Petrocanada will start by drilling two exploratory wells in a 200,000 hectare area.