Petroecuador production reaches 408,097 barrels equivalent, already incorporated blocks reverted to the State

The first reports of the production of blocks 16 and 67 being managed by Petroecuador, after they were reverted to the State at the end of the contract with the private company, show a better figure.

The state company announced on January 1, 2023 that it had assumed the operation of these two blocks located in the province of Orellana with 13,533 barrels of oil per day. On January 2, it registered a production of 14,206 barrels of oil plus 606 equivalent barrels corresponding to optimized gas, which were added to the production of the state oil company that reaches a total of 408,097 equivalent barrels of oil.

Thus, the Ecuadorian oil company highlights that it is concretizing its commitment to maintain and increase production in this field.

Reversal of the oil contract: the income generated by 14,000 barrels per day will go to the State budget

The State, through Petroecuador, the Public Companies Coordinating Company and the Ministry of Energy and Mines, took over operations last Sunday as part of the reversal of the contract for the provision of services for the exploration and exploitation of blocks 16 and 67 with the private company that expired on December 31, 2022. Said contract was in the hands of Repsol and then passed, through a sale of shares abroad, to New Stratus Energy (NSE) and the latter in turn later passed to called Petrolia. And that company, a few days after the contract expired, threatened to initiate an arbitration claim against Ecuador, because according to its position, its rights to request an extension of the agreement have not been respected.

Within the reversal, Petroecuador incorporated the administrative staff in Quito on January 3 to guarantee the continuity of the operation. He reported that he welcomed them and documents were signed for their integration into the public company. The company had indicated when assuming that it added the majority of the personnel of the two blocks and that it gave continuity to contracts that allow compliance with the technical, economic, legal, environmental and social processes.

Two contrary versions on the reversion of the New Stratus-Petrolia contract to the State

In the two blocks now managed by Petroecuador there are 106 production wells, 37 reinjector wells and 90 closed wells, and crude oil with a current API degree of 14.1 is extracted, according to reports from the Agency for the Regulation and Control of Energy and Non-Renewable Natural Resources.

Blocks 16 and 67 (Tivacuno) occupy part of the Waorani Ethnic Reserve and the Yasuní National Park (Biosphere Reserve), according to information from the state oil company. (YO)