Ecuadorian oil company announces record in its main extraction field

By: News Team

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Oil falls on global economic concern

The Ecuadorian oil company Petro ecuador announced on Wednesday that crude production in its main field in the Amazon reached the highest level of extraction with more than 72,000 barrels per day.

Oil production in the Sacha field, in the so-called block 60 in the province of Orellana (east), exceeded the maximum volume and led to the daily extraction of the public company reaching 393,922 barrels.

The Sacha field or block 60 has 280 active extraction wells, some of which (closed or low potential) were subjected to conditioning and secondary recovery work to improve production, Petroecuador said in a statement.

The Sacha block has more than 50 years in production and has reserves estimated at 374.7 million barrels of petroleum and 96.8 million cubic feet of gas, according to a 2022 certification by international consulting firm Netherland, Sewell & Associates, Inc.

This reservoir has a type of oil whose quality is located at 24.9 degrees on the scale of the US Petroleum Institute (API), which makes it an intermediate oil.

Ecuador produces about 530,000 barrels a day of crude, most of it belonging to the state company, while the rest is distributed by several private companies operating in the country.

Oil exports are one of the main sources of foreign exchange earnings for the South American country and also a basis for financing state budgets.

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