On December 3, EP Petroecuador exceeded 411,000 barrels of oil equivalent per day. According to the state company, it was possible to produce “401,863 barrels of oil and a consolidated 411,071 barrels including gas”. This was explained by the general director(s) of EP Petroecuador, Reinaldo Armijos del Hierro, highlighting the planning and commitment of the oil workers.
Despite the better production result, the price of WTI fell. This Monday, it was 73.68 dollars per barrel (-0.39 compared to the previous day) due to fear of demand and doubts about OPEC+ cuts, specialized portals write. Accordingly, country risk also remains high. On Sunday, December 3, it was 2054 points. Country risk is related to the greater or lesser fear of the market that the country will or will not fulfill its foreign debt. In the case of Ecuador, the drop in crude oil is a risk factor.
On December 2, production also rose to 402,068 barrels of oil and added 411,281 barrels equivalent per day. It is important to note that EP Petroecuador has not exceeded 400,000 barrels of crude oil per day since January 2021.
Production increased gradually and sustainably, and Sacha is the company’s most productive field, located in Orellana, whose production reached 78,259 barrels.
Other important fields are Auca, whose production to date is 77,512 barrels and the area comprising Apaika, Edén and ITT, in Orellana, with 91,852 barrels per day.
Meanwhile, according to the latest report of the Agency for the Regulation and Control of Energy and Non-Renewable Natural Resources (Arcernnr), which does not take gas production into account, on December 3, the total production of barrels of oil in the country, including state and private production, reached 492,232 barrels. Of these, 402,090 barrels were produced by Petroecuador, and 90,142 by private companies. Of that, ITT produced 56,122 barrels, and Sacha produced 78,309 barrels.
The CEO(s) congratulated and thanked the work achieved in the past weeks and also pledged to continue visiting the company’s facilities around the country, to learn more about the situation of the staff and be able to quickly respond to their needs.
EP Petroecuador operates 25 oil blocks, 22 in the Amazon and 3 in the Litoral, and produces about 80% of Ecuador’s oil.
Source: Eluniverso
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