Petroamazonas EP Received USD 717 Million in Private Investments in 2019

January 5, 2020 | Oil & Gas | Energy Facts Staff Writer | 2min

Petroamazonas EP received around USD 717 million in private investment for 22 oil fields, in 2019

The National Government, through the public company Petroamazonas, achieved, in 2019, private investments for approximately USD 717 million destined for drilling, reconditioning of wells and construction of facilities in 22 fields operated by the state oil company.

The Minister of Energy and Non-Renewable Natural Resources, José Agusto, said that the investments made during this year were foreseen in the contracts for the provision of services with financing from the contractor, signed for the rounds of Campos Maduros (2014), Campo Auca (2015), Campos Menores (2018), Oil & Gas (2018), and the renegotiation of contracts for the Shushufindi and Libertador fields (2018).

“It is important to note that as part of the activities carried out, mainly in the provinces of Orellana and Sucumbíos, around 715 local jobs were generated in 2019, which has allowed us to contribute significantly to the economic recovery of these areas,” added the Secretary of State.

In addition, a total of 88 wells were drilled and 105 more subjected to reconditioning work in order to increase the production of the fields located in the provinces of Orellana and Sucumbíos. USD 573 million was allocated for drilling and reconditioning activities.

To this are added the 43 new oil facilities that were built within these processes, with an investment of around USD 144 million.

The General Manager (S) of Petroamazonas EP, Lenín Pozo, said that during meetings held last week with the consortiums that provide services in these 22 fields, aspects related to drilling and reconditioning work were planned during 2020 and which will allow reaching the estimated business production goal of 437,000 barrels of annual average oil.

Petroamazonas EP produces an average of 423,224 barrels of oil equivalent per day, with a total cost, to November of 2019, of USD 18 per barrel.

In 2019, around 715 local jobs were generated in the provinces of Orellana and Sucumbíos.