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Drilling at Tambococha is expected for the last quarter
Posted On 06 Jul 2017
Ecuadornews:
The Government intends to start drilling works in the Tambococha field – part of the ITT Block 43 – during the fourth last of 2017. To this end, it will tender the necessary drills for the operation in the next few days. Private companies would be awarded in August.
That was one of the announcements made Tuesday by Minister of Hydrocarbons Carlos Perez, noting that the public company Petroamazonas “has to optimize its resources and the cost of production.”
Between 2012 and 2014 at the state oil company recorded the highest peaks in costs. Production ranged from $ 30.46 to $ 29.28 per barrel of oil. A price of $ 16.96 was reported in May 2017 with and a projection of $ 19.10 for the rest of the year.
The bidding is done through financing agreements with foreign companies, allowing a better management of Petroamazonas’ budget. The payment will be made with production sales of the ITT fields. “Not with oil,” the minister emphasized. (I)
