Houston-based PetroTal, an E&P focused on Peru, reported record production in the second quarter despite the closure of a pipeline that has been subjected to repeated attacks.
PetroTal produced 19,031 bbl/d in the quarter, bolstered by production from its newly drilled 15H well. The well averaged about 7,300 bbl/d during its first 25 days of production. Early in the quarter, the company’s 14H well came online with a recent rate of about 2,300 bbl/d.
Production was cut by 25% in the quarter due to the ongoing closure of the Northern Peruvian Pipeline, as well as six days of planned maintenance. PetroTal has moved its oil through Brazil during the closure. The pipeline was cut in more than 50 points in 14 attacks in 2022. Prosecutors have not indicated who is responsible for the attacks.
The company is refocusing its drilling to two wells in the Bretaña region. It expects to begin drilling its 16H well late in the third quarter as long as oil prices support production.
The company also appointed Felipe Arbelaez Hoyos to its board. Arbelaez Hoyos is senior vice president of hydrogen and carbon capture systems for BP Energy.
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