LatAmOil: Ecuador plans to auction offshore gas blocks in 2024

Ecuador’s government is drawing up plans for an offshore licensing round for natural gas blocks in the Gulf of Guayaquil, Energy Minister Xavier Vera has said.

Vera told Reuters in an interview that Quito would probably stage auctions for the blocks in 2024, after it wraps up the bidding process for a group of onshore licence areas next year. He also said he expected to authorise a proposal for the offshore licensing round in the near future, once ministry officials have finished demarcating the blocks that will be offered to investors.

The minister did not identify any of the areas that might be included in the offshore auctions. He did state, though, that the Energy Ministry would be seeking bids from international oil companies (IOCs) interested in exploration and development of natural gas resources in the Bay of Guayaquil. Potential investors will be able to bid for production-sharing contracts (PSCs).