In his first press conference, the manager of Petroecuador spoke of the production goals and the role of the company as a partner of large companies.
With two rudder strokes, Italo Cedeño, manager of Petroecuador, begins his administration in front of the state oil company. In the first place, he distanced himself from the initiative to give fields and refineries in concession to private companies, and rather It is committed to participation contracts or “joint venture” so that in this way Petroecuador does not cease to be part of the production process. Additionally, he showed his support for local gas production, by indicating that off shore rounds will be promoted, not only in Campo Amistad but in its surroundings (in the littoral and offshore littoral); so he also announced that will seek to process the associated gas that is burned in burners in the Amazon. According to his calculations, we would currently be burning about 110 million cubic feet of gas in the torches.
On the other hand, he announced that by May the first production of crude oil would be obtained in Ishpingo.
These were the main novelties of the press conference given this morning before the media. Cedeño, with forty years of experience in the oil industry, reported that for this, at least 22 fields in production of Petroecuador have been delivered to the Ministry of Energy, so that they can be offered in oil rounds in this figure of participation (joint venture).
This association is part of the plan to increase production, which will reach 1 million barrels per day in five years, but also taking into account local gas production, which will also be opened. He explained that Ecuador has gas potential and that it is not possible for Colombia, with fewer oil resources, to produce about 800 million cubic feet per day while Ecuador barely 25 million.
Currently, with the financial resources available to the company, the goal would be to reach a total production of 425,000 by the end of 2022. However, he considers that this figure could be much higher. if the planned plan is applied, which includes the participation of the private company with its investment and state-of-the-art technology. “The limit is the sky,” he said.
Regarding gas, the manager Cedeño said that they will also seek to take advantage of the generation of gas that is currently burned in torches. You will be taken to the Shushufindi LPG plant which is not working at full capacity now. All this, with the participation of the private company. For Cedeño, it is important that the level of imported LPG can be lowered, because it is an important outflow of foreign exchange that also requires a high subsidy.
The final plan will be ready in a month, and it will be presented to the President of the Republic and the Minister of Energy. For Cedeño it is important to carry out an aggressive increase in production because this is the moment to obtain it, later it will no longer be possible due to the change to renewable energy that the world is experiencing.
The manager also foresees that the state company can be converted into a Limited Company, and just as it was done with Ecopetrol, to be able to sell shares and obtain resources for the company.
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