(Energy Analytics Institute, Piero Stewart, 18.Apr.2019) — Crude oil production from Ecuador’s Sacha Field, operated by PetroAmazonas and located in the province of Orellana in Block 60, reached 70,021 barrels per day on 17 April 2019, EP PetroEcuador announced in an official statement on its website. This compares to average production of 66,473 barrels per day in 2018.
The increased production was due to investments in drilling, reconditioning and secondary recovery activities by Petroamazonas EP, which has operated the field since August 2016. Petroamazonas’ plans for 2019 include drilling 10 additional wells, four classified as “re-entry” and six classified as new.
“The average drilling and completion cost for new wells in the Sacha field is $3.5 million, representing a saving of $2.8 million compared to previous years,” Petroamazonas General Manager Álex Galárraga said in the statement.
“Re-entry” wells had an average cost of $2.7 million, he said.
Sacha is considered one of the most important productive oil fields in Ecuador and its reserves are estimated at 350 million barrels of oil. Activities at the field in 2018 generated revenues of $1,370 million, according to PetroEcuador.
Petroamazonas currently produces around 425,000 barrels of oil equivalents per day, with an average total cost, as of March 2019, of $17.89 per barrel.
© Energy Analytics Institute (EAI)