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  HOME | Ecuador (Click here for more)

Ecuador’s Petroamazonas Says Output Rose 10.5% in 2014

QUITO – Ecuadorian state-owned oil company Petroamazonas said in a statement Thursday that it achieved average daily output of 361,072 barrels in 2014, up 10.5 percent from the 326,596 bpd it produced the previous year.

The result was due, among other things, to better trained technical personnel, CEO Oswaldo Madrid said in presenting the 2014 results.

Petroamazonas currently has 182 wells under development, including 16 highly complex, horizontal wells, the statement said, adding that the company operated six exploratory wells, 24 drilling rigs and 23 workover rigs during 2014.

“The state-owned company incorporated 64.83 million barrels of new petroleum reserves (in 2014),” Petroamazonas added, noting that output was restored last year at the Campo Armadillo field, which had not been producing for 15 years.

The company will now develop that field under a joint venture agreement with Belarusian company Belorusneft that calls for $146.1 million to be invested over the next five years.

Thanks in part to that project, as well as service contracts signed in October for 17 mature fields under production, Petrobras raised a total of $2.3 billion in investment capital last year, the statement said.

Likewise, Petroamazonas reported that it signed five seismic survey contracts that will be carried out with $407.7 million in financing from the companies Area Survey, Belorusneft, BGP and Sinopec International Petroleum Services.

The surveying will cover a combined area of 8,474 sq. kilometers (3,270 sq. miles).

 

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