PRESS RELEASE

Ecuador block 43-ITT reaches 70,000 barrels per day of production

By
Monday, July 23, 2018

This press release from Petroamazonas was published using an automatic translation system.

Block 43-ITT, located in the province of Orellana, reached on July 23, 2018, a production of 70,000 barrels per day of oil. The production achieved places the main project of Petroamazonas EP, on fields such as Sacha, Shushufinfi and Auca.

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The Tiputini field has a production of 42,841 barrels per day of oil, with 64 producing wells of which six are horizontal. Meanwhile, the Tambococha field reached a production of 27,165 barrels per day of oil, with 12 producing wells, of which six are horizontal. This increase in production is due to the positive results of drilling and navigation of horizontal wells that use technology that optimizes surface space.

The state oil company also shows results in the optimization of resources, with an operating cost for ITT of USD 3.59 per barrel, while until July, the total operating cost of the operation was USD 7.27 and USD 17. , 37 per barrel.

The General Manager of Petroamazonas EP, Álex Galárraga, informed that "from September until the end of the year, it is estimated that the production of this Block will reach 80,000 barrels of oil per day, which would generate an oil rent for the country, projected at some USD 810 million. "

Currently Petroamazonas EP, produces around 408 thousand barrels per day of oil and a total of 415 thousand barrels equivalent to oil in compliance with the goals of oil production projected for 2018.

The Tiputini Processing Center (CPT) currently maintains a processing capacity of 400 thousand barrels of fluid; by 2020 it is planned that the plant reaches a maximum capacity of 1,200 barrels of fluid per day. In this plant the fluid is separated between oil, associated gas and oil.

The Block 43-ITT project is developed under the compliance of the Environmental Management Plan (PMA), approved and strict environmental measures that ensure responsible development of non-renewable natural resources, thus complying with Ecuadorian environmental legislation and corporate policies of responsibility Social.

In the development of ITT, a total of 142 environmental safeguards have been implemented: 42 natural canopy bridges; 42 depressed steps; 3 burrows; conservation and protection of 55 trees of importance for the flora and fauna of the area and revegetation of 68 hectares.

With the production reached today by Petroamazonas, the national production of oil today exceeded 527 thousand barrels.