Peter Howard Wertheim
RIO DE JANEIRO, Apr. 11 -- Petroecuador's production unit Petroproduccion reported plans to develop Panacocha oil field in the Amazonas province before yearend.
Petroproduccion, Panacocha's operator, said the field is thought to contain 42.5 million bbl of recoverable oil and to be capable of producing 6,000-9,000 b/d. Vice-Pres. Jaime Crow estimated development will cost $100 million and said it may be done in partnership with one or more state-controlled companies.
Petroproduccion has budgeted $31.3 million for construction of the initial installations at Panacocha, including an access road, loading dock, and 30-km oil pipeline.
The field is in an environmentally sensitive area at the headwaters of the Amazon River. It is the home to jaguars, ocelots, nine species of monkeys, and 500 species of birds. It harbors a network of waterways including the spectacular Panacocha Lagoon, habitat of the endangered Amazon River dolphin. There has been little oil exploration and no development in the area.