Ecuador’s giant Pungarayacu to see heavy oil appraisal

10/27/2008
Ecuador’s state-owned Petroecuador and Petroproduccion have signed a 30-year contract with Ivanhoe Energy Ecuador Inc., a subsidiary of Ivanhoe Latin America, to explore and develop Block 20 on the western edge of Ecuador’s Amazon basin.Block 20 contains the 250-sq-mile Pungarayacu heavy oil accumulation along the Napo uplift.Ivanhoe said the contract covers project appraisal and the development, including production and upgrading the heavy oil of the 426-sq-mile Block 20, which lies 125 miles southeast of Quito, the Ecuadoran capital.Pungarayacu field was discovered 30 years ago. During the 1980s, Petroproduccion drilled 26 core holes in the field, which has been studied and ...

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