Press Release

EP Petroecuador recovered 90% of its oil production in three days

Bnamericas Published: Monday, July 04, 2022

Petroecuador Statement

This is an automated translation of the original press release issued in Spanish

Until this July 3, EP Petroecuador recovered 90% of the production that was paralyzed, due to the 18 days of demonstrations, the report for this morning is 361,535 barrels. This was announced by the General Manager of EP Petroecuador, Ítalo Cedeño, who last Saturday met with the technicians of five fields, located in the Amazon, to thank them for their work and ask for their commitment to return to the production levels recorded last 12 of June.

"Initially we thought to increase up to 90% in eight days, but after talking with the technicians and managers of the assets, who are working in each location as if it were their home, we have reached 90%, in just three days," he said. .

The General Manager added that "thanks to these tasks, currently only 82 wells remain closed, of the almost 1,000 that were affected by acts of vandalism, which in some cases even stole generators, communication equipment, cables, variators, pumps and that were replaced with materials that we keep in our warehouses. In the case of the 82 wells, some will go into reconditioning” , he reported.

He also indicated that today the wells corresponding to the Yuralpa asset, in Napo, will be turned on, which will allow more barrels to be added to the company's production and thus avoid more losses in transportation, refining, international trade, in this last area they were postponed three sales, which at today's price is almost $200 million.

"We are working 24 hours a day, and putting all our efforts to achieve, in the shortest time possible, and raise production levels," reported EP Petroecuador's Exploration and Production Manager, Bladimir Cerón, who is in the Amazon, to Coordinate with the technicians the well start-up plan.

Mr. Cerón added that the rapid recovery “is due to the guidelines of the current General Manager, who works with the high mystique of his workers and high business management capacity. I estimate that in the next few days, 100% of production will be achieved and thus continue with the goal of doubling oil production,” he said.

EP Petroecuador contributes with about 80% of the national production of hydrocarbons and generates additional income from spot sales, which have been managed by the current administration, in order to take advantage of current international oil prices.

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