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Processes improved efficiency levels of Petroamazonas
Posted On 24 Aug 2017
Ecuadornews:
The current production costs per barrel stand at $ 18.3, whereas in 2012, costs reached $ 30.6. Drilling increased by 4,745 barrels per day from 2011 to 2017.
On a shoestring budget, the performance of the public company Petroamazonas yields positive indicators of efficiency such as the reduction of production costs and the optimization in the drilling of oil wells. The resources allocated this year to the oil company were $ 2,935 million, the lowest allocation since 2014 when the Central Bank granted $ 4,735 million.
An average of 440 thousand barrels per day at a reduced cost of $ 18.3 per barrel was produced in the first months of production. The highest cost peak was recorded in 2012: $ 30.6. Domestic production in July was roughly 541,000 bpd, including oil extracted by private companies (118,000 barrels). Of that amount, Petroamazonas contributed with 442 thousand barrels, which is equivalent to 78% of the total. The Ministry of Hydrocarbons projects that the participation percentage will maintain the trend until the end of the year.
Another indicator that reflects the efficiency of the state oil company is the increase in well drilling. In 2011 an average of 3,526 wells was drilled per day, now reaching 8,271. “This is achieved with a significant reduction in the number of wells drilled, which reduces investment costs and manages more efficiently the public resources allocated to the company,” Petroamazonas said in a statement. (I)
