Petroecuador aims to reactivate more than 1,000 closed wells

By : Dr. Franyi Sarmiento, Ph.D., Inspenet, March 31, 2022.

The state oil company Petroecuador reported that this week it will start the program to reactivate more than 1,000 closed wells in the Ecuadorian Amazon. It will sign specific service contracts with private companies for the reactivation of the wells, which are now closed.

“There are private companies interested in the project,” said the manager of Petroecuador, Ítalo Cedeño, during a rendering of accounts, on March 28, 2022.

Cedeño said that Petroecuador will pay private companies a fee for each additional barrel they add to production, through specific service contracts. The goal is for each well to inject some 200 barrels a day for oil production.

In a first stage, Petroecuador plans to reactivate 200 oil wells. “We prepared the terms of reference and the specific service contract model for the tender.” Italo Cedeño, manager of Petroecuador.

Petroecuador seeks to increase oil and natural gas production until 2025, from the current 395,000 barrels per day to 804,000 barrels per day. According to Cedeño, the oil company requires USD 12,000 million in investments to materialize this plan.

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