Ecuador invited some 51 companies to participate in the auction, the first of its kind in more than a decade.
OILMONSTER.COM- Royal Dutch Shell, Mitsubishi Corp and Trafigura presented bids for a contract to lift some 20.2 million barrels of Ecuadorean crude between 2020 and 2023, the Andean country’s energy minister told reporters on Tuesday.
The country expects to pick a winner for the contract, which is expected to generate $950 million in export income for Ecuador, in the coming days, said the minister, Jose Agusto.
Ecuador invited some 51 companies to participate in the auction, the first of its kind in more than a decade. The price of the oil will be determined by a formula taking into account the price of the country’s oil sales on the spot market plus a premium.
Shell, through its Shell Western Supply and Trading Unit, proposed the highest premium, according to state oil company Petroecuador.
Under the contract, Ecuador will deliver the winner four shipments of 360,000 barrels each of Oriente-grade crude in 2020 and 2021. In 2022 and 2023, the country will deliver the winner 24 shipments of the same amount per year.
Ecuador produces some 545,000 barrels per day of crude.
Courtesy: www.reuters.com
United States Crude Oil Prices | |||
---|---|---|---|
COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 66.42 | +0.19 | |
Alabama Light Sour | 73.80 | +0.21 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 78.80 | +0.21 | |
Alabama/ Florida Panhandle | 77.12 | +0.30 |
Plastic Keychain Magnet
Keychain Magnets as gift items to promote your Scrap Metal Recycling business!. Letters and numbers can be imprinted. Available Colors: Red, Blue and Green
$2.59
Scrap Metal Test Magnet 10 lb N52 Neodymium Rare Earth
Retrieval and Metal Testing Magnet. Contains The Most Powerful Grade of Neodymium Rare Earth Magnet (N52). Case Material: Aluminum
$9.99