Petroecuador, Ecuador's sole energy project offshore, said on Tuesday that it would launch a fresh bidding process in order to find a suitable operator.

In a press release, the company stated that three wells in operation produce around 21 million cubic foot of gas each day.

The statement said that the total number of drilled wells in the field, including the three wells producing oil, is 17.

"Intense evaluation and work was done to evaluate possible interventions, and the reconditioning and upgrading of existing wells. However, no economically viable solution was found. Petroecuador lacks the necessary technical know-how and personnel to carry out this operation," said it.

Petroecuador said that the hope is to find a foreign operator who has the right knowledge to operate the gas field. Reporting by Alexandra Valencia, Writing by Oliver Griffin

(source: Reuters)