Petroecuador Regains Oil Production to Over 400,000 Boed
- 13-Mar-2023 6:21 PM
- Journalist: Jacob Kutchner
Quito [Ecuador]: Petroecuador celebrated a major milestone on Friday after recovering oil production levels to more than 400,000 barrels of oil equivalent day (boed). This comes just days after the state-run oil company lifted its state of force majeure and restarted pumping crude through its SOTE pipeline. These numbers return to pre-collapse levels, when an industrial bridge caused disruption in production last month.
Petroecuador recently announced that their production reached 400,719 boed due to the suspension of transportation of oil via pipeline in February. This suspension was taken as a preventive measure after a bridge collapsed nearby in Ecuador's Napo province, located in the Amazon. Of the total produced, 392,118 barrels are crude oil, and 8,601 barrels are equivalent natural gas and associated gas.
“This represents meeting 99.7% of the expected levels after lifting force majeure,” it stated.
Petroecuador has suspended operations on a private OCP heavy-crude oil pipeline and a gasoline pipeline after a bridge collapse. As a result, the run company is forced to gradually shut down production wells and reprogram oil exports.
Petroecuador has successfully reactivated 1,744 wells in key fields across the country. This remarkable move has resulted in the successful recovery of production levels and the further bolstering of the nation's economy. The feat is one of many to come from this leading oil company.
“Twenty-five wells couldn’t be recovered after they were turned off, so they will have to undergo interventions via reconditioning works,” the statement stated.
Petroecuador has six drilling rigs already in operation, and four more rigs owned by private consortia will join the campaign soon. The new wells are expected to be operational between the end of March and the beginning of April this year.
There has been a significant issue with the SOTE and OCP pipelines lately, as they are frequently being disrupted due to damage caused by rocks and landslides.