Double-digit investment jump for Petroecuador

Ecuador’s national oil company Petroecuador invested US$1.86bn in 2022, up 17% from the prior year.

The figure corresponds to just released provisional metrics from the NOC that are pending exploration and production investment data for December.

The bulk of spend went to upstream operations and when compared to full year 2021, rose 14% in January-November to US$1.78bn.

Petroecuador information shows it completed 117 wells last year versus 64 in 2021.

Crude output in 2022 for the state operator, which accounts for around 80% of Ecuador’s production, grew 1.5% to 382,638b/d. Petroecuador attributed the small increase to stoppages along the SOTE and OCP oil pipelines and June’s national strike.

The company’s natural gas production last year averaged 7,498boe/d (4,403boe/d in 2021), with 3,970boe/d from the Amistad offshore field and the rest from associated gas.

On January 1, Petroecuador took over operations of blocks 16 and 67, reporting an increase in output.

For other recent developments involving the NOC, click on the following links:

Petroecuador seeks upstream, maritime infra service contractors

EP Petroecuador achieves peak production in the Sacha field

EP Petroecuador obtains environmental licenses to increase production

Contractual processes of EP Petroecuador advance for the increase in oil production and elimination of flaring in the Amazon region

Environmental license for the development of Block 59, Vinita field, from EP Petroecuador

For the full year, the balance of investment went to refining (US$77.9mn) and the rest to transport; local commercialization; safety, health and environment; and administrative support.