Petroecuador Oil Output Back to 200,000b/d
Ecuador's state oil company Petroecuador registered oil production of 200,297 barrels on Monday, the first time output has surpassed 200,000 barrels a day (b/d) since protests in August 2005 caused production to drop, the company said in a statement.
The company's production level was roughly 201,000b/d prior to the strike and has averaged 194,172b/d since August, a company spokesperson told BNamericas.
The strike caused total losses to the company of some 2.03 million barrels of oil, which at a price of US$49.90 a barrel amounts to total losses of US$101mn in addition to the cost of repairing wells and other facilities damaged in the strike, the statement said.
Protests in the oil-rich Amazon provinces of Sucumbios and Orellana cut production from fields operated by Petroecuador to 20,000b/d during the week of August 15-19, according to a previous BNamericas report.
Repairs to Petroecuador's facilities will take another five months to complete and the company plans to boost production by 6% through year-end once cash flow problems have been resolved, the statement said.
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