Petroecuador to Foot 30% of Panacocha Project

Ecuador's state oil company Petroecuador will finance 30% of a project to develop the Panacocha field, the company said in a statement.

The bulk of the project will be capitalized through a securitization line with state entities, the statement said.

Petroecuador released the financing model after the company board authorized the project's implementation. The company did not immediately respond to a BNamericas request for additional details such as an implementation timetable.

Panacocha is in Sucumbios province in the Amazon region.

The fields in situ calculated oil is 108Mb, probable reserves 42.5Mb and proven reserves 34.1Mb, according to a Petroecuador project presentation. A conservative forecast pegs production at 28.4Mb over 18 years.

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