Block 43 - ITT, in Orellana, reached oil production of 57,466b/d

Petroecuador statement

This is a machine translation of the original statement, issued in Spanish

This June 22, 2023, Block 43 - ITT, located in the province of Orellana, reached a production of 57,466 barrels of oil per day. The announcement was made by the General Manager of EP Petroecuador, Ramón Correa Vivanco, after completing his work agenda with the media for this oil block, which is considered one of the most productive of the state oil company, with Ishpingo, with an average of 22,000 barrels of oil per day.

The Head of EP Petroecuador pointed out that these works are part of the drilling campaign carried out by the company in this important asset, added to the effort of the Ecuadorian workers to develop this project with operational, environmental and social responsibility, complying with what is established by the regulations. current law.

Currently, in Block 43 - ITT, 230 wells have been drilled and 12 platforms are in operation: two in Ishpingo, four in Tambococha, and six in Tiputini, in which horizontal and cluster wells are drilled for less space use. on the surface, placing several wells on the same platform. This asset is the fourth most productive oil block of EP Petroecuador and of the country. First is Sacha with more than 72,000, followed by Auca with 71,000 and Shushufindi with 62,000 barrels of oil per day.

In addition, the density that the ITT has historically is in the order of 14 degrees API: in Ishpingo with 13.6 degrees mix (U+M1), Tambococha with 14.2 degrees and Tiputini with 14.2 degrees. The crude that is extracted from the three fields flows and can be processed with the technology that the public company has to be transported to the inspection points.

It is important to note that Block 43 - ITT generated in 2022 an income of USD 1.2 billion with a final production cost of USD 17.75 per barrel; Likewise, the future calculation has an average price of USD 66.91 per barrel of Napo crude. The Block 43 - ITT project has achieved an income for Ecuador of 4,224 million dollars from 2014 to 2022.

To date, the Block 43 - ITT project is 76% complete.