LatAmNRG Ecuador Briefs: PetroAmazonas Deals, Drilling, Output, And Merger

(Energy Analytics Institute, Piero Stewart, 20.May.2019) — Heard on the street and LatAmNRG briefs related to the Petroamazonas EP and contracts for $78.1 million with China’s CNPC And Sinopec, optimized drilling at Sacha and Coca Payamino, rising output during the first four months of 2019, secondary recovery efforts and the incorporation of 2.19 MMbls of oil and the merger in late 2020 with Petroecuador EP.

Petroamazonas EP Inks Contracts For $78.1 Million With CNPC And Sinopec

(Energy Analytics Institute, Piero Stewart, 20.May.2019) — Ecuador’s Petroamazonas EP awarded two service contracts worth a total $78.1 million to China’s CNPC-Chyanqing Drilling Engineering Company and Sinopec International, the state oil entity announced 20 May 2019 in an official statement.

In the first deal worth $47.94 million, CNPC will drill six directional and 4 horizontal wells in Sacha Block 60, while in the second deal worth $30.14 million, Sinopec will drill three re-entry and four directional wells.

“The contracts aim to increase production by 4,600 barrels per day at Sacha and 7,064 barrels per day at Coca-Payamino,” said Alex Galárraga, General Manager of Petroamazonas EP in the statement.

In 2018, Sacha field produced 73,000 barrels per day, while Coca Payamino produced 12,305 barrels per day, PetroAmazonas said.

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PetroAmazonas EP Says Optimizing Drilling At Sacha, Coca Payamino

(Energy Analytics Institute, Piero Stewart, 20.May.2019) — PetroAmazonas EP has optimized drilling at the Sacha Block 60 and Coca Payamino Block 7 over the last five years, the state oil entity announced 20 May 2019 in an official statement.

At Sacha, the company says it has reduced costs by nearly $2 million for each horizontal well drilled and nearly $200,000 for each directional well. At Coca Payamino, the company said it has reduced costs by nearly $2 million for each directional well drilled.

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PetroAmazonas EP Says Output Up In First Four Months Of 2019

(Energy Analytics Institute, Piero Stewart, 19.May.2019) — PetroAmazonas EP said oil production during the first four months of 2019 peaked at 428,780 barrels per day of oil equivalents, the state oil entity announced 19 May 2019 in an official statement.

At year-end 2018, its average production was 406,738 barrels per day, the company said.

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PetroAmazonas EP Says To Have Incorporated 2.19 MMbls Of Oil

(Energy Analytics Institute, Piero Stewart, 19.May.2019) — PetroAmazonas EP says it has incorporated 2.19 million barrels of petroleum during the first four months of 2019 due to activities at 22 secondary recovery projects aimed at maintaining reservoir pressures and migrating oil to wells, the state oil entity announced 19 May 2019 in an official statement.

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EP Petroecuador And Petroamazonas EP To Merge In Late 2020

(Energy Analytics Institute, Piero Stewart, 19.May.2019) — The merger of Ecuador state oil entities Petroamazonas EP and EP Petroecuador is expected to conclude in late 2020, Ecuador’s Oil Ministry announced in a statement 25 April 2019 on its website.

“The merger of oil companies will be done with an emphasis on areas that duplicate functions and operational activities will not be affected. The optimization of state resources and more efficient work is sought in the merger,” the ministry said in the statement.

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© Energy Analytics Institute (EAI)

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