PetroTal has reported a significant increase in its oil reserves at the end of 2023 for the Bretaña oil field in Loreto, Peru. During the year, 1P (proven) reserves increased by 6%, reaching 48 million barrels, while 2P (proven plus probable) reserves increased by 4%, reaching 100 million barrels.
Furthermore, the company reported that the net present value before taxes of proven and probable reserves increased by 9%, reaching $2.54 billion. Additionally, the total proven plus probable and possible (3P) reserves experienced a 19% increase, reaching 199.6 million barrels.
The President and CEO of the company, Manuel Pablo Zúñiga-Pflucker, highlighted the success in drilling and the strong natural aquifer support of the reservoir, which will enable a world-class oil operation with significant free cash flow over the next 20 years.
In terms of production in January 2024, it exceeded expectations with an average production of 20,450 barrels per day. The company is committed to increasing value for all stakeholders by improving oil recovery in Bretaña.
In terms of investments, PetroTal plans to invest over S/400 million ($107 million) in the development of Block 95 in Loreto by 2024. These funds will be allocated to drilling and operating three new horizontal wells in the Bretaña Norte field, as well as expanding the infrastructure of Block 95.
Once these initiatives are completed, the company expects to achieve an average production of 17,000 barrels of oil per day, representing a year-on-year growth of 20%. Guillermo Flórez, the company’s general manager, mentioned that investments will also be made in security infrastructure to protect the operation and the surrounding areas from erosion.
In summary, PetroTal has experienced significant growth in its oil reserves and plans to make million-dollar investments to increase production and improve infrastructure in the Bretaña oil field. This development represents a promising opportunity for both the company and the Loreto region in Peru.