EP Petroecuador implements strategies to increase oil equivalent production in 2023 and has processes ready for the new administration

This Petroecuador release was published using machine translation.

Today, the General Manager (s) of EP Petroecuador, Reinaldo Armijos Del Hierro, presented the management balance and the strategies proposed for the next administration during a conversation with the media held in Quito.

In this space, the Head of EP Petroecuador presented eight strategies that are applied to increase oil production in 2023, which consist of: having 14 drilling rigs between the public company and the consortia, incorporating six additional wells in the Block 31 (Orellana), reach 80,000 barrels in the Sacha Field (Orellana), recover production from Blocks 16 and 67 (Orellana), continue with the bidding process to increase natural gas production in the Amistad Field ( El Oro), launch to tender the pilot plan for the exploitation of associated gas in Cuyabeno (Sucumbíos) and the drilling of the Waponi A1R exploratory well, in Block 21 (Pastaza) and exceed 410,000 barrels of oil per day in the total the state oil company.

“We continue working on the pending processes and we are going to leave to the new administration activities aimed at contributing to the company's strategic objectives, which is why we are ready for the transition. Every week we issue a report, from each area, which we bring to the attention of the Board of Directors of EP Petroecuador to analyze the main needs and priority actions to be taken, in addition we are not signing new contracting processes,” he stated.

Regarding International Trade, the General Manager (s) pointed out that thanks to the actions in this area, a greater percentage of the exportable balance was released, so by 2024, 60% will be destined for the spot market and the Remaining 40% for long-term sales. It also reported that a total of 11,160,000 barrels of crude oil were awarded to Unipec America INC. with approximate revenues of USD 816.6 million, a company that presented differentials of USD – 3.90 for Crudo Oriente and USD -9.50 for Crudo Napo. “These barrels represent 55% of the total balance for the spot market and we still have 45% available that will continue to be exported in these months,” he said.

Likewise, he said that the process of importing natural gas is ready to supply the generation in thermoelectric plants and supply the electricity demand in the country in a timely manner. This tender was approved by the company's Board of Directors on November 9, 2023 and will be covered with the budget of the Financing Deficit Derivatives Account (CFDD). The Tender will be held on November 14 with a provision period of 135 days, once the contract is signed.

It is important to note that the main premises of the current business administration are focused on expanding anti-corruption controls, identifying critical areas, promoting transparency and honesty; strengthen the environmental issue and dialogue with the communities in the areas of influence of the projects; continue with pending processes; advance in territory and offshore exploration and use new technologies to innovate at EP Petroecuador.

REVIEW THE PRESENTATION HERE