Ivanhoe and Ecopetrol sign MoU for heavy crude upgrade project

Dec 16, 2004 01:00 AM

Colombia's state oil company Ecopetrol and a subsidiary of Canadian oil company Ivanhoe Energy have signed a Memorandum of Understanding (MoU) that could lead to heavy crude upgrade projects using oil from the Llanos basin, Ivanhoe said.
Ivanhoe owns Ensyn Petroleum International, which has a proprietary heavy-to-light oil conversion technology known as RTP.

In the first phase of the agreement, Ivanhoe will study heavy crudes from the Castilla and Chichimene fields to assess the value that could be added to them through the application of the RTP.
RTP upgrades heavy crude in the field into more valuable and easier to transport lighter crude in a process that produces large amounts of surplus energy for on-site steam and power production.

US oil company Chevron previously operated Castilla and Chichimene, which are in the Cubarral block and produce 13 and 20-degree API crude, respectively.
Ecopetrol assumed direct operations in 2000 and has been considering upgrade alternatives forover a year.

Source: Business News Americas
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