Petroecuador is in advanced discussions with Ivanhoe to develop heavy oil field in Ecuador’s Oriente basin.

Luis Jaramillo, President of Ecuador’s Petroecuador, said:

Ivanhoe Energy Inc., Vancouver, BC, would begin work within 9 months towards the production of heavy crude oil from Pungarayacu heavy oil field on Block 20 in Ecuador’s Oriente basin, according to El Comercio.

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