By: Franyi Sarmiento, Ph.D., Inspenet, May 16, 2022.
The consortium between Frontera Energy and GeoPark sold 30,000 barrels of oil produced in the Perico block, according to the most recent information from the oil company.
This sale of crude oil has become the first from the contracts that came out as a result of the Intracampos Round of Ecuador that were signed in May 2019.
It should be remembered that, in the first quarter of this year, Frontera Energy announced the discovery of hydrocarbons in the Perico block, of which Frontera is the operator and has a 50% stake. The other 50% belongs to GeoPark.
It should be remembered that the representatives of the Frontera Energy and GeoPark consortium, in the XII Intracampos Round, which took place in Quito, presented offers for the Charapa, Perico, Arazá Este and Espejo oil blocks.
On May 14, 2019, Ecuador awarded participation contracts for the exploration of two blocks, which involved a gross investment of US$64 million.
“The blocks (Perico and Espejo) were acquired under an initial four-year exploration contract, with the option to extend the exploration period for two additional years,” the consortium reported at the time.
Meanwhile, in its most recent financial and operating results report, for the first quarter of 2022, Frontera Energy highlighted its Ebitda figure for US$132.8 million and the net profit recorded for US$102.2 million.
The company thus reaffirmed its guidance for operating Ebitda for 2022 of US$575-US$625 million, considering a price of US$90 for the benchmark Brent barrel.
Orlando Cabrales Segovia, president of Frontera Energy, commented: “Thanks to the permanent support of the government and the communities in the area of influence, we managed to obtain our first barrels in Ecuador. Today we can say with satisfaction that the sale of this crude contributes to the growth of the sector and our company, as well as the generation of important resources for the country”.
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