Pungarayacu oil field
From Wikipedia, the free encyclopedia
| Pungarayacu Oil Field | |
|---|---|
| Country | Ecuador |
| Region | Napo Province |
| Offshore/onshore | onshore |
| Operator | Ivanhoe Energy |
| Field history | |
| Discovery | 1970 |
| Start of production | 2015 |
| Production | |
| Current production of oil | 130,000 barrels per day (~6.5×106 t/a) |
| Estimated oil in place | 859 million tonnes (~ 1.0×109 m3 or 6400 million bbl) |
The Pungarayacu Oil Field is an oil field located in Napo Province. The oil field is also owned and operated by Ivanhoe Energy.
It was discovered in 1970 and developed by Ivanhoe Energy.
The contract between the Ecuadorian government and Ivanhoe Energy to explore the Block 20 was signed in October 2008 and was planned to run for 30 years.[1][2] The first barrels produced out of the Pungarayacu field were pumped in October 2010.[3] By 2011, the heavy crude oil was elevated to pipeline quality.[4]
In 2014, the 30-year contract between Ecuador's government and Ivanhoe Energy was cancelled. The development of a wider consortium was announced, China National Petroleum Corporation was considered to take the lead on the project, and Ivanhoe Energy was supposed to be part of the consortium.[5][6] By 2015, due to lower oil prices, Ivanhoe Energy scaled back on the development of Block 20.[7]
