PetroAmazonas Boosted Output 4% In 2019

(Energy Analytics Institute, Piero Stewart, 3.Jan.2019) — Ecuador’s state oil company PetroAmazonas EP boosted its production of crude oil by 4% in 2019, according to the country’s Ministry of Energy and Non-Renewable Natural Resources (MENRNR).

PetroAmazonas’ production reached 423,970 barrels of oil equivalent per day (boe/d) in 2019 — which was 99.79% of the company’s production goal set by the national government for that year — compared to 406,738 boe/d in 2018, MENRNR announced 3 January 2020 in an official statement.

The production results were achieved thru a combination of activities include drilling reconditioning campaigns, while 250 additional wells were developed.

In 2020, the national government is promoting new investments in the oil sector to increase production, MENRNR announced in the statement, citing comments from its Energy Minister José Agusto.

Ecuador’s production reached a peak of approximately 442,000 boe/d in September 2019, mainly due to an increase in production at Block 43-ITT.

The planned production goal for 2019 was achieved despite national-wide protests in October 2019 which affected approximately 20 oil fields and where activities were suspended, Petroamazonas EP Deputy General Manager Lenín Pozo said in the statement. During a seven-day period, approximately 1.5 million barrels of oil production was lost, he added.

Petroamazonas’ operating budget in 2019 was approximately $2,855 million, Poso said.

Petroamazonas controls 80% of Ecuador’s national oil production, through its operations at 22 Blocks, of which 19 are located in the Amazon and three along the coast, including the Amistad natural gas platform, located in the province of El Oro.

PetroAmazonas’ total four producing blocks in 2019 included Auca, ITT, Sacha and Shushufindi, the company added.

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

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