The directory of PetroTal approved a budget of S/ 450 million, fully financed with company resources, for this 2022, with the objective of reaching an average production range between 17,500 and 19,500 barrels of oil per day (bpd), and reaching a level of 21,500 bpd at the end of next December.
The approved budget for this year is 20% higher than that of 2021, which exceeded S/ 360 million. In this regard, Manolo Zúñiga highlighted that the 2022 budget consolidates the company as one of the main investors in the exploration and exploitation of oil in Peru.
“We are convinced that 2022 will be a year of achievement for all the beneficiaries of this great project who continue to believe in our history and management team. For this reason, it is vital that we continue executing our development plans and managing our balance sheet prudently,” said Manolo Zúñiga, CEO of PetroTal.
“We continue betting on the country because we know the potential it has for the sustainable development of the hydrocarbon industry. The execution of the budget, which will be an important stimulus for the national economy and the Loreto region, will demand a climate of social peace that allows the full operation of Block 95 and the transport routes of our production”, he stated.
The company also reported that the budget includes, among other things, an investment of more than S/ 280 million for the drilling and completion of four horizontal development wells this year, which will be added to well 10H, which began to produce last January. With these five wells, the company will be able to increase its production and reserve levels.
“The approved budget is in line with the Government’s effort to promote sustainable investments, boost the economy of the regions, generate formal jobs and resources to serve the population. To execute this investment, efficiently and without setbacks, we need to continue working hand in hand with all the residents of the localities to achieve social peace, and have the support of the State”, said the CEO of PetroTal.
Source: Larepublica
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