Daily Management Review

Top Oil Companies Bids For Ecuador Oil Contract


12/04/2019




Top Oil Companies Bids For Ecuador Oil Contract
Several of the top oil producers of the world including Royal Dutch Shell, Mitsubishi Corp and Trafigura, are fighting it out to get a share of contracts to buy oil from about an estimated 20.2 million barrels of crude oil from Ecuador between 2020 and 2023.  
 
Announcing this, the country’s energy minister Jose Agusto told reporters that Ecuador will be choosing the beets bid for the oil contracts and expects that the oil hauled out will bring in as much as $950 million in export revenues in the coming days for the country.
 
In the first such auction organized in more than a decade in the country, the government of Ecuador sought bids form 51 companies at an auction for the oil. The minister said that the price of the oil will be decided on the basis of the price of oil sales of the country and the price on the spot market plus a premium.
 
According to state oil company Petroecuador, the highest bid at the auction was placed by Shell through its Shell Western Supply and Trading Unit.
 
Four shipments of 360,000 barrels each of Oriente-grade crude in 2020 and 2021 will be made to the winner of the bidding under the contract. 24 shipments of the same amount per year will be delivered by Ecuador to the contract winner in 2022 and 2023.
 
A total of about 545,000 barrels per day of crude is produces by Ecuador.
 
(Source:www.indiatimes.com)






Science & Technology

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

AB InBev’s Piled Up Alcohol Is ‘Too Good to Waste’

Ericsson Mobility forecasts nearly fourfold increase in mobile traffic by 2025

World Politics

World & Politics

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange

IMF allocates Ecuador $ 500 mln more to support reforms

French pension reform chief to resign

Poland refuses to join EU 2050 climate deal