- PetroTal (TAL) is reporting that a social protest near its loading dock has been peacefully resolved
- The company’s previous commitment to social initiatives contributed to the return to normal operations
- A total of 165,000 barrels can now be sold to the Iquitos refinery and through the Brazilian export routes
- Barges from Brazil are on site and commenced oil loading operations on December 3, 2021
- An additional 135,000 barrels are awaiting the resolution of a separate government protest with discussions scheduled for December 10, 2021
- PetroTal is an oil and gas development and production company focused on assets in Peru
- PetroTal (TAL) is up by 13.11 per cent and is currently trading at $0.345 per share
PetroTal (TAL) is reporting that a social protest near its loading dock has been peacefully resolved.
The company’s previous commitment to social initiatives contributed to the return to normal operations.
Barges from Brazil are on-site and commenced oil loading operations on December 3, 2021. Production will ramp up over the next few days starting with the new 9H horizontal well followed by renewed sales to the Iquitos refinery and through the Brazilian export routes.
The company has 135,000 barrels on barges near Pump Station No.1 at Saramuro awaiting for Petroperu’s ONP pipeline operations to restart, which involves reopening Pump Station No. 5. Approximately 165,000 barrels are bound for Iquitos or Brazil.
A meeting set for December 10, 2021, between the Peruvian government and Indigenous federations seeks to resolve the ongoing protest at Petroperu’s Pump Station No.5 over government neglect. The protestors have offered a 30-day truce if a working timetable for the resolution is finalized.
If the truce is not achieved, PetroTal may need to constrain production by the third week of December 2021. It is also commissioning additional barges that would allow it to produce unconstrained through December. It expects to initially produce over 18,000 bopd with a strong liquidity profile through Q1 2022.
Manuel Pablo Zuniga-Pflucker, PetroTal’s CEO, stated,
“We are very pleased to have reached a peaceful settlement with the protesting community near the PetroTal dock. Based on the company’s initiatives to promote change and equalization of social profits, a sense of confidence and trust was created between our groups. We look forward to completing the legal and administrative efforts through the remainder of 2021 for the Social Fund to be live and active in early 2022.
We are also seeing the government engaged in achieving a long-term resolution to the ongoing ONP protests at pump stations 1 and 5, which will hopefully lead to a full reopening of the ONP route in the near term. PetroTal is doing everything we can to support those discussions.”
PetroTal is an oil and gas development and production company focused on assets in Peru.
PetroTal (TAL) is up by 13.11 per cent and is currently trading at $0.345 per share as of 11:01 am EST.