Petroamazonas to Invest USD 148 Million in New Drilling Campaign

March 9, 2020 | Oil & Gas | Energy Facts Staff Writer | 3min

Petroamazonas EP awarded a contract for drilling and completion of 24 new wells for the B and D platforms in Tambococha Block 43- ITT, Orellana province.

The new producing wells will have an investment of around 148 million dollars and will allow to increase the production to around 7,500 barrels of oil per day (BPPD).

“Petroamazonas EP, according to the process of optimization of resources maintained by the company, has managed to save around USD. 1.18 million compared to the reference price expected for this process” said Juan Carlos Bermeo Calderón , General Manager of Petroamazonas EP.

For the process, two technical – economic offers were received from companies interested in providing the service, which, according to the policies of transparency and free competition, were evaluated considering their economic proposal and compliance with the technical parameters.

The companies participating in the process were : Sinopec International Petroleum Service Ecuador SA and Chuanqing Drilling Engineering Company Limited CNPC, and the latter was awarded the contract because it presented the lowest economic offer.

This new phase of drilling is essential to progressively increase the planned oil production for this 2020 , estimated at 4 40,900 barrels of oil equivalent daily annual average .

The ITT has reserves and resources of more than 1,672 million barrels of oil, which makes it, so far, the largest project in the history of oil exploitation in Ecuador.