Petroecuador Advances Panacocha, Amazon Projects

Ecuador's state oil company Petroecuador is taking steps to advance projects to develop the Panacocha field and to produce oil in Amazon blocks, the company said in a statement.

Petroecuador subsidiary Petroproduccion will carry out Panacocha works under a contractual mechanism to be defined in the next few days.

The field is in Orellana province and has roughly 65Mb of reserves.

The state company at month-end also plans to launch bidding to produce from Petroproduccion mature blocks in the Amazon.

Additional details were not disclosed.

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