Pungarayacu oil field

The Pungarayacu Oil Field is an oil field located in Napo Province. The oil field is also owned and operated by Ivanhoe Energy.

Pungarayacu Oil Field
CountryEcuador
RegionNapo Province
Offshore/onshoreonshore
OperatorIvanhoe Energy
Field history
Discovery1970
Start of production2015
Production
Current production of oil130,000 barrels per day (~6.5×10^6 t/a)
Estimated oil in place859 million tonnes
(~ 1.0×10^9 m3 or 6400 million bbl)

History

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]

Description

The total proven reserves of the Pungarayacu oil field are between 4.3 billion barrels (577×106tonnes) and 12.1 billion barrels (1624×106tonnes) with a mean estimate of 6.4 billion barrels (859×106tonnes), and production will be centered on 130,000 barrels per day (21,000 m3/d).[8][9]

Pungarayacu means "tar water"in the Kichwa language.[6]

Controversy

The field is located on the lands of the Rucullacta Kichwa population and the area is part of a UN Biosphere Reserve.[10] The natives were barely consulted before initiating the exploration of the oil fields. A "Front of Resistance to the Irrational Exploitation of Natural Resources" was formed in 2004 by the natives to block the exploitation of the oil field. Low intensity conflicts erupted.[2]

References
  1. "Ecuador's giant Pungarayacu to see heavy oil appraisal". Ogj.com. 27 October 2008. Retrieved 21 May 2021.
  2. "Pungarayacu oil block, Ecuador". Ejatlas.org. 8 April 2014. Retrieved 21 May 2021.
  3. "Ivanhoe Pumps First Oil in Ecuador's Pungarayacu Field". Rigzone. 28 October 2010. Retrieved 21 May 2021.
  4. "Ivanhoe Energy successfully upgrades heavy oil from its Pungarayacu field in Ecuador to pipeline quality". Prnewswire.com. 5 May 2011. Retrieved 21 May 2021.
  5. Mercedes Alvaro (27 August 2014). "Ivanhoe Energy in Consortium for Ecuador's Oil Block 20". Wsj.com. Retrieved 21 May 2021.
  6. "China in talks to extend Andean oil interests". Eiu.com. 5 September 2014. Retrieved 21 May 2021.
  7. "Ivanhoe Energy Scales Back Activities in Ecuador". Canoils.com. 21 January 2015. Retrieved 21 May 2021.
  8. "Ivanhoe Expects to Begin Production at Ecuador's Pungarayacu by 2015". rigzone.com. 2012. Retrieved 2013-05-28.
  9. "World-scale status of Ivanhoe Energy's Pungarayacu heavy-oil field in Ecuador confirmed by new independent review". prnewswire.com. 2012. Retrieved 2013-05-28.
  10. Kevin Koenig (September 2011). "Ivanhoe Energy and the Pungarayacu Project in Ecuador". Amazonwatch.com. Retrieved 21 May 2021.


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