Our objective is to create shareholder value by sourcing, negotiating and developing heavy oil opportunities as well as other oil and gas projects. Our heavy oil competitive advantage includes the application of our proprietary HTL upgrading process, as well as other state-of-the-art heavy oil extraction techniques. The Ivanhoe Energy management team has decades of experience in the negotiation, development and production of heavy oil and other oil and gas operations in Canada, the United States, South America, Southeast Asia, the Middle East and North Africa.
Our two initial heavy oil projects are Tamarack in Canada and Pungarayacu in Ecuador.
- In mid-2008, Ivanhoe Energy acquired a significant heavy oil block in Canada's Athabasca region from Talisman Energy. The Energy Information Agency of the US government estimates that Canada holds the second largest proven oil reserves in the world, only behind that of Saudi Arabia. This is largely a function of including northern Alberta's oilsands region, of which the Tamarack lease is at the center.
- In October 2008, Ivanhoe Energy Ecuador Inc. signed an agreement to develop Ecuador's Block 20, including the Pungarayacu oil field. Block 20 is a major, 426-square-mile heavy oil block located approximately 200 kilometers southeast of Quito, Ecuador.
- Additional heavy oil projects around the world are being pursued based on the application of our proprietary HTL process.