The general director(s) of EP Petroecuador, Reinaldo Armijos Del Hierro, presented on the morning of November 13 eight strategies that are applied to increase oil production in 2023 and which consist of: drilling 14 oil rigs between the public company and the consortium, includes six additional well in block 31 (Orellana), reaches 80,000 barrels in the Sacha field (Orellana), restores production from blocks 16 and 67 (Orellana).

It also hopes to continue the bidding process to increase natural gas production in the Amistad (El Oro) field, launch a pilot plan to use associated gas in Cuyaben (Sucumbíos) and drill the Waponi A1R exploratory well in Block 21 (Pastaza), which would be the first time that it performs this work in the pre-Cretaceous period and exceeds 410,000 barrels of oil per day in the total state oil company.

“We continue to work on the ongoing processes, and we leave to the new administration activities aimed at contributing to the company’s strategic goals, which is why we are ready for the transition. Every week we publish a report, from each area, which we submit to the Steering Committee of the EP Petroecuador in order to analyze the main needs and priority actions to be taken, apart from that we do not sign new contracting processes,” he stated. . And that a few days before the change of command takes place in which Daniel Noboa Azín will take over the Presidency of the Republic, after which, theoretically, new authorities could enter the public company.

He also said that the natural gas import process is ready to supply production in thermal power plants and timely supply of electricity demand in the country. This tender was approved by the Board of Directors of the company on November 9, 2023 and will be covered from the budget of the Deficit Financing Derivatives Account (CFDD). The tender will be held on November 14 this year with a delivery deadline of 135 days after the signing of the contract. Importing gas, the government said, would help improve heat production at Termogás Machala, which is especially needed during this dry season.

However, if it is taken into account that a month could pass after the announcement of the tender for signing the contract, this would mean that the gas could arrive in mid-May, that is, when the dry season is no longer there. .

Regarding international trade, the general director(s) pointed out that thanks to the actions in this area, a larger percentage of the balance has been released for export, so that by 2024, 60% will be intended 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 was allocated to Unipec America INC. with approximate revenues of $816.6 million, the company presented differences of -$3.90 for Crudo Oriente and -$9.50 for Crudo Napo. “These barrels represent 55% of the total balance for the spot market and we still have 45% available that we will continue to export in these months,” he said.

Armijos also said his management was focused on expanding anti-corruption controls, identifying critical areas, promoting transparency and fairness; strengthen environmental issues and dialogue with communities in areas of project impact; resume pending processes; advance in the exploration of the territory and undersea and use new technologies for innovation in EP Petroecuador.