Together with a group of investors, SEG formed Wayra Energy—an Ecuadorian based E&P company designed specifically to participate in the Petroamazona’s and Ecuadorian Government’s sponsored bidding rounds of 2017 and 2018. During the Campos Menores bidding rounds (the first one which took place in 2017), Wayra was successfully awarded service contracts for Paka Norte field. One year later, during the Oil & Gas bidding rounds and thanks to SEG’s technical and financial expertise, Wayra was awarded two more service contracts for Oso and Yuralpa fields.
The service contracts established that CAPEX contributions will be financed by the successful bidder while Petroamazonas would operate the field and be responsible for OPEX, crude oil transportation and electricity generation. The activities outlined in the contracts include drilling new wells, new surface facilities, dual completions and work-overs. The duration of these contracts is for ten years, with a possible extension of five years. The crude oil commercialization would be Petroamazonas’ responsibility, while Wayra Energy may collect a variable tariff (US$/bbl) based on incremental production (designed to vary according the WTI price).