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PetroTal Corp on Thursday celebrated record oil production at its site in Peru over the second quarter, despite facing disruption due to an ongoing pipeline closure and separate social disruption. The Alberta, Canada-based oil and gas company, which is focused on the development of oil assets in Peru, achieved record production of 19,031 barrels of oil per day. This was attributed in part to ‘robust’ production from the newly-drilled 15H well, which averaged 7,300 barrels per day during its first 25 days. PetroTal saw production levels rise despite significant constraints, namely losing 25% of production capacity during the quarter to the ongoing Northern Peruvian Pipeline closure, as well as six days of planned maintenance. The firm also noted a ‘brief period of social disruption’. On June 8, Petrotal reported that the Puinahua canal was blocked by the Indigenous Association for Development & Conservation of Bajo Puinahua, preventing all ships from providing services to PetroTal. PetroTal said that the blockade coincided with planned output reductions to tie in previously installed infrastructure and modify production operations to benefit future oil production. Looking ahead, PetroTal is now moving its contracted drilling rig to service two of the initial Bretana oil wells. Well 16H will begin drilling late in the third quarter, once the first L2 West drilling platform has been fully tied in. The company said it has continued to monitor the Amazon River levels on the Brazilian side as the peak dry season settles in, and by next month, should be able to either reaffirm or upgrade its current 2023 guidance. In other news, PetroTal also said it has appointed Felipe Arbelaez Hoyos to the board as an independent non-executive director. Arbelaez Hoyos is currently the senior vice president of Hydrogen and Carbon Capture Systems for BP Energy in London. PetroTal shares were trading 0.8% higher at 40.05 pence each in London on Thursday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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