- PetroTal (TAL) has provided operational updates including reaching a milestone of 20,000 bopd
- The company reached this milestone four years after commencing operations at the Bretana oil field
- It began drilling well 10H with a targeted completion date of early February 2022
- It expects to export over 500,000 barrels of oil into Brazil between November 2021 and January 2022
- PetroTal is an oil and gas development and production company focused on assets in Peru
- PetroTal (TAL) is up by 4.35 per cent and is currently trading at $0.36 per share
PetroTal (TAL) has provided operational updates including reaching a milestone of 20,000 bopd.
20,000 bopd production level
The company has achieved a trailing five-day unconstrained production rate ending December 15 of approximately 20,200 barrels of oil per day (bopd).
The company reached this milestone four years after commencing operations at the Bretana oil field.
Well 9H production
Well 9H is delivering strong initial production averaging 8,200 bopd over the last 10 days.
Well 10H drilling
The company commenced drilling well 10H on December 11, 2021. It estimates the well to cost C$13.9 million with a targeted completion date of early February 2022.
Settlement framework at Pump Station No. 5
The Ministry of Energy and Mines, Petroperu and a group of protestors reached an agreement that resulted in the return of Pump Station No. 5 to Petroperu on December 16, 2021.
PetroTal will likely have to constrain production after December 16, 2021, for up to two weeks to manage storage capacity, at which time it expects to return to levels near 20,000 bopd.
Brazilian exports
In November and December, PetroTal will export nearly 320,000 barrels of oil through its Brazilian sales route. Commencing in January 2022, estimated Brazilian oil exports will be 240,000 barrels per month with an expected increase into Q2 2022.
“We are very pleased at the progress made at Pump Station No. 5 and the demonstration of trust and goodwill shown by the communities,” said Manuel Pablo Zuniga-Pflucker, PetroTal’s CEO. “This, together with the initiatives PetroTal is pursuing, is expected to lead to long-term stability for the region at a critical time for the new Talara refinery expected to start operations in 2022.”
PetroTal is an oil and gas development and production company focused on assets in Peru.
PetroTal (TAL) is up by 4.35 per cent and is currently trading at $0.36 per share as of 2:09 pm EST.
