Petroamazonas EP Announced 4% Increase of Oil Production

January 4, 2020 | Oil & Gas | Energy Facts Staff Writer | 2min

Petroamazonas EP aqnnounced that during 2019 a production of 423,970 barrels of oil equivalent was reached. With this result, the state oil company met 99.79% of the production goal set by the National Government for that year.

The figure obtained is the result of the execution of drilling and reconditioning campaigns promoted by the public company, which in total managed to develop 250 wells.

The Minister of Energy and Non-Renewable Natural Resources, José Agusto said that the National Government is promoting new investments in the oil sector to increase production in this 2020.

“We have planned, as part of the Social Energy Pact, that we promote from our administration , dialogue with the communities and reach consensus that will allow us to develop new projects and continue with the drilling of the nine platforms in Ishpingo, to generate resources for the benefit of the country, ”said the Secretary of State.

It should be noted that September was the month with the highest production peak with approximately 442,000 barrels of oil equivalent, mainly due to the increase in production of Block 43-ITT.

“Compared to 2018, the year in which a production of 406,738 barrels of oil equivalent was reached; Petroamazonas, in 2019, increased its annual average production by about 4%, ”said Petroamazonas EP Deputy General Manager, Lenín Pozo

Petroamazonas EP mentioned that the planned production goal was achieved despite the fact that in October 2019, approximately 20 oil fields had to suspend their activities due to the entry of people outside the operation, within the framework of the demonstrations against the National Government , where an approximate loss of 1.5 million barrels of oil was quantified during the seven days of paralysis.

The production achieved by Petroamazonas EP had an operating budget of approximately USD 2,855 million, with a total cost of USD 18 per barrel of oil.

Currently, the state oil company has 80% of the national oil production, through the operation in 22 Blocks: 19 in the Amazon and three on the coast, including the Amistad natural gas platform, located in the province of El Oro.