Ecuador’s state-owned oil company, PetroEcuador, wants private-sector contractors to develop four fields in the Amazon basin, backing off from plans to involve government-controlled majors from Asia and Latin America in the projects.

The tender for the fields is planned to go ahead towards the end of the first quarter, once environmental reviews and production estimates are completed. The company expects winning bidders to invest about $1bn (€660m, £500m) in the fields over the coming three years.