Ecuadorian oil company Petroecuador announced on Sunday that crude oil extraction from its largest producing field in the Amazon, Sacha, has reached a record level, with daily output reaching 76,005 barrels. Ecuador is a net oil producer. The South American country, which until a few years ago was a member of the OPEC oil cartel, produces nearly 500,000 barrels of crude oil per day.
Ecuador’s state oil company insists that the Sasha oil field, located in the so-called “Block 60” in the Orellana province of the Amazon Basin and considered the “crown jewel” of Ecuador’s oil industry, has reached its “peak production” on Sunday “. A statement collecting Effie. To achieve this record, the national company’s engineers and experts had to adopt new technologies to extract more crude oil.
The state company’s acting manager, Reinaldo Armijos Del Hierro, assured that the “increased production” allowed the public oil company to “continue to contribute to the country’s economic growth and development “. The production increase comes at a critical time for the market, as oil is in a period when demand far outstrips supply, sending crude prices to their highest levels since the war in Ukraine began.
To achieve this new milestone in the Sacha field, the company’s personnel applied strategies such as drilling new wells, hydraulic fracturing (fracking) technology, secondary oil recovery processes and infrastructure repowering, he added. Fracking allows shale oil to be extracted by fracturing rock using pressurized water containing different chemicals that separate the rock from the desired oil.
Field with 254 wells
He explained that currently there are two drilling rigs, four other workover rigs and 254 production wells operating in the Sacha field.
Sasha oil field, Produced for more than 50 yearsproducing crude oil with an API degree of 24.91 degrees (intermediate grade), Reserves are estimated at approximately 350 million barrelsPetroecuador said in a statement.
To date, Petroecuador’s production totals 406,210 barrels per day, accounting for 80% of the country’s daily extraction, with private operators also involved.
Revenues from oil exports are one of the most important items in the country’s economy, fully dollarized since 2000, and are one of the basis for financing the state budget.