The development stages:Exploration drilling/2009-05.The Pungarayacu field covers an area of 647 square kilometers in the Amazonas basin, Napo province. Is estimated to contain resources of about 1,000MMbls of heavy oil reserves. The field was explored in the ‘80s, with the drilling of 27 wells where oil reserves are estimated of 6.4 billion barrels. The project has three stages. The first two phases include environmental assessment and permitting, the evaluation of the field's production capability and the crude-oil characteristics. The third phase involves full field development and will include drilling additional exploration and development wells. To develop the field is necessary an investment of US$6,180mn.