PetroTal, the Calgary-based oil company with operations in Peru, presented its guidance for 2026 with a budget focused on preserving liquidity, reducing costs and ensuring a more stable operation in the Brittany field.
PetroTal foresees drilling in 2026 with stable production
The oil company’s projection estimates an average production of between 11,750 and 12,250 barrels per day, maintaining a cautious approach. The reactivation of drilling is scheduled for the fourth quarter of 2026 with two new wells, under the management of an external contractor, replacing the Amazonia-1 platform. This decision seeks to ensure greater operational reliability and control over deadlines.
The capital budget for 2026 is between $80 million and $90 million. Of that total, $45 million is earmarked for drilling and rig mobilization, $16 million for critical infrastructure improvements in Brittany, and $25 million is split between erosion control, water management and Ucawa facilities. The plan also calls for a minimum unrestricted cash liquidity of $60 million.
Measures to strengthen profitability
The company is projecting an adjusted EBITDA of US$30 million with a base Brent price of US$60 per barrel. To achieve this target, PetroTal is executing an operating cost and overhead reduction program. In addition, it has incorporated provisions for the exit of the legacy platform lease and technical contingencies related to the ESP pumps.
The entire production of the Brittany field field will be channeled through the Brazilian route, while volumes from Los Angeles will continue with spot arrangements to the Iquitos refinery. PetroTal maintains its focus on meeting its credit obligations and preserving a cost structure adapted to a year of transition.
While the immediate focus is on stabilizing operations and preserving cash, PetroTal’s goal remains to reach a sustained production capacity of 20,000 barrels per day. The company plans to scale up fluid handling infrastructure between 2027 and 2028, financed with cash flow generated by expected production growth.
Source and photo: PetroTal