Completing a deal in Ecuador an take years..June 2014 is the month it will be signed
In the WSJ in April 2014 it stated;
"Ecuador said Wednesday (April 16-14) it expects to sign a contract in June for the construction of a refinery known as the Refineria del Pacifico Eloy Alfaro....The refinery is a joint project between state-owned Petroecuador and its Venezuelan counterpart, Petroleos de Venezuela, or PdVSA. China National Petroleum Corp., (CNCP) China's largest oil and gas producer, is expected to become a partner in the project. Ecuador has been negotiating with China National Petroleum and the Industrial & Commercial Bank of China Ltd. since 2011 to raise financing for the project, which was announced in 2007. " As we can see it can take years to complete a deal in Ecuador, but it is done just the official signing process left.
The key is the signing of the afore mentioned deal in June which includes CNPC. As part of that announcement and deal signing, it will include the deal between Ivanhoe/CNPC/Ecuador on Block 20. As everyone knows oil production from Block 20 is needed by Ecuador to keep its production levels stable in the future.
I hope people are careful when they hear Ecuador news. This is not the first time I was enamored of a IVAN announcement. That was much earlier. I was in the stock in 2003 when the IRAQ deal was announced. In 2004 IVAN signed a MOU (Memorandum of Understanding) with the IRAQ government (like the one they signed with Ecuador). It took IVAN until 2007 to get a partner, a Japanese company named Inpex. The stock JUMPED 14%. At current prices that would get you to almost 48 CENTS ($.48). WHOOO HOOOO!!!
Ivanhoe Energy Secures Heavy Oilfield in Iraq
By Jon A. Nones
April 19, 2007 • Reprints
St. LOUIS () -- Ivanhoe Energy's shares [Nasdaq:IVAN; TSX:IE] jumped more than 14% in heavy trading today after the company announced a partnership deal with Japan's Inpex Corp. to co-develop an oilfield in North Central Iraq. Ivanhoe believes the field is suitable for its heavy-oil upgrading technology.
Joe Gasca, President and CEO of Ivanhoe Energy, told listeners today in a conference call "this opportunity is tremendous - a very large heavy oilfield."
In late 2004, Ivanhoe Energy signed a memorandum of understanding with the Iraqi Ministry of Oil to evaluate a specific, large heavy oilfield and its commercial development potential using Ivanhoe's patented heavy-to-light (HTL) oil upgrading technology.
Since that time, the company said it has carried out a detailed analysis and has generated data regarding the applicability HTL upgrading technology for the development of the field. The necessary approval by the Iraqi Ministry of Oil for Inpex Corp.'s participation has been received.
David Martin, Executive Co-Chairman of Ivanhoe Energy, said he could not give specifics on the size of the oilfield due to confidentiality agreements with Iraq, but told listeners that it was a "large amount" of heavy oil at "shallow depths."
He later admitted that almost every oil field in Iraq contains over 1 billion barrels, and it would probably be "safe to assume" the sa
Yes not all news comes to pass. However this is from a very reliable source the Wall Street Journal. Also, Ecuador needs to finalize a deal for the refinery and development of new oil reserves as its oil production has been near-stagnant in Ecuador since 2007 at around 500,000 bbl/d and will start to fall in a few year, so new fields have to come on line soon.
Put all this together and the WSJ article seems bang on!