Petroamazonas to Reach 470,000 bpd by the End of 2016

Source: www.gulfoilandgas.com 10/30/2016, Location: South America

he General Manager Petroamazonas EP, Alex Galarraga announced that until December this year the company expects to reach 470,000 barrels a day of oil, consolidating the tendency to increase production with optimized costs projected on USD 17 per barrel.

The statements were made in the context of the conference on development, technical, social and environmental Bloc 43 ITT, which were held in Quito and Guayaquil, this week. In the talk he explained that the company expects production Tiputini field reaches a production of 40,000 barrels per day until December that field production is currently about 25,000 barrels per day.

The academic event, organized by Petroamazonas EP, the Society of Petroleum Engineers (SPE) Chapter Ecuador and its student chapters of the National Polytechnic School, University of Technology Equinoccial, Central University of Ecuador and the Polytechnic School of the Coast, attended more than 500 people related to the oil industry in both papers.

As part of the exhibition, the manager of Petroamazonas EP stressed the importance for the country's development of Block 43, for its 1,672 million barrels of reserves and resources certified by Ryder Scott. He stressed that drilling costs are optimal between 2.5 million and 3 million.

In addition, the Engineer Gal?rraga highlighted the technical and structural characteristics carried out in the development of Tiputini field as engineering design, 3D models, mechanical and piping, flow lines, among others.

"Environmental and social awareness must be embedded in all oil operations," said Holder Petroamazonas EP referring to the 104 implemented environmental safeguards and the relationship between the company and eight communities in the area in developing projects social compensation. The communities involved in this project also with their labor contribution, which covers the time 30% of the total workforce of the project with local workers.

Investments in works of social compensation and severance areas have acquired 100% compliance with more than six million amounts.

In the development of Block 43 has been invested so far this year about 250 million dollars, "In the current conditions of global oil, Block 43 is highly profitable and therefore aims to be the future of the national oil industry" said the head of Petroamazonas EP students in Petroleum Engineering.

He reported also that recent drilling, scheduled for more detail to the field, the western boundary of the site was found, with a bore 12 kilometers west of the Tiputini C platform, where "oil-water contact" was evident what determines the limit of this large deposit.

The production of this block was incorporated into the country on September 7 and currently provides approximately 25,000 barrels of oil per day.


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