Ecuador to Auction Sacha, Its Biggest Oil Field, to Lift Output

Ecuador · Energy

Key Facts

—The plan: Ecuador will auction the Sacha oil field, its largest, to private investors to revive crude output, the government said, opening its biggest Ecuador oil field asset to outside capital.

—The asset: Sacha accounts for about 15% of Ecuador’s total crude production and currently yields roughly 75,000 barrels per day under state operator Petroecuador.

—The model: the tenders will use production-sharing contracts that let investors book reserves to secure financing, replacing decade-old service contracts that deterred investment.