Panacocha Could Enter Production Next Year

Ecuador's Panacocha oilfield could start production next year, an E&P official with Petroproduccion, a subsidiary of state oil company Petroecuador, told BNamericas.

The field would produce at some 8,000-10,000b/d.

The field is in the development planning stage and government planners are discussing whether Petroproduccion or another company should carry out production, the official said.

The field is in eastern Ecuador and boasts proved reserves of roughly 45Mb, the official said.

Petroproduccion boasts proved oil reserves of 2.06Bb for fields in production and another 1.54Bb for non-producing areas, the official said. Natural gas in the country is associated, with reserves coming to roughly 200ft3 (5.7m3) per barrel of crude reserves.

Meanwhile, the government is in talks with other countries interested in compensating Ecuador for not developing the ITT oilfield in the Amazon, the official said. The countries want to protect the Amazon from E&P work.

The government also is considering whether to launch tenders to develop and produce at ITT.

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