Ecuador: Legal Battles over Pungarayacu oil field

platts.com reported like a lot of other oil producers, Ecuador is seeing flagging levels of output. One field holds promise to reverse that, but its development has become controversial. In this week’s Oilgram News column, At the Wellhead, Quito correspondent Stephan Kuffner discusses the challenges facing the field’s development.

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Ecuador’s president Rafael Correa once chastised oil officials that his “Citizens’ Revolution is characterized by doing things extraordinarily well and extraordinarily fast.” No case highlights the gap between expectations and reality more than that of the Pungarayacu oilfield.
Looking ahead, to develop Pungarayacu while leaving the area’s appeal for visitors intact would pose a challenge for any administration. Unlike northwest Canada or Venezuela’s Orinoco Belt, Pungarayacu lies in a populated area, including the city of Tena. Adding its value as a gateway to the Amazon, it assures the controversy likely won’t end with Ivanhoe’s departure. Read Article