Ivanhoe Energy to develop heavy oil in Amazon Basin

|About: Ivanhoe Energy, Inc. (IVAN)|By:, SA News Editor

Ivanhoe Energy (IVAN +2.7%) confirms it will take part in a consortium to develop heavy oil at Block 20, located in Ecuador's Amazon basin.

IVAN says it reached agreement with Ecuador's government to terminate the contract under which it has been operating as a step toward entering into a new service contract with a consortium consisting of IVAN and one of the world's largest national oil companies, which has experience working in Ecuador.

The Pungarayacu oil field, which includes Block 20, contains ~4.5B barrels of heavy crude.