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Production by Ecuador's State Oil Company Increases

Lima, September 24 (teleSUR-RHC)-- The Block 61 oil field has undergone major transformations since it was discovered by U.S. oil giant Texaco in 1970. Ecuador’s state company, PetroAmazonas EP, has rehabilitated much of this land which was abandoned by the company. Production has increased by over 60,000 barrels a day since PetroAmazonas became the state oil company in 2010.

Production yields in the Auca wells of Orellana province were 31,960 barrels in 2013. This has increased to be 44,814 barrels in 2014.

Multilateral wells and other practices adopted by the company look to drill in a way that is more in tune with the environment.

At the Auca 27 well, Manager of the Auca oil field for PetroAmazonas EP Roberto Cacho told teleSUR English, “With this we no longer drill vertically, it is horizontal perforation and goes to the deposit. So this is friendlier with the environment, because it no longer requires 10 platforms, or in other terms, a hectare and a half for each well. Now you need a hectare and a half or two hectares to perforate 10 wells.”

Ecuador's Hydrocarbons Law of 2010 requires that 12 percent of all oil profits go back to local communities, which is seen in schools, highways and health centers.

Managers of PetroAmazonas EP say that approximately 50 percent of direct and outside contracts with the company are signed with people from the region. Social responsibility and community involvement have become a large part of the company's mission.

Environmentally friendly and socially responsible practices have been prioritized by PetroAmazonas EP. With new technology, as the multilateral wells, production has increased, resulting in greater revenues that benefit surrounding communities.
Edited by Ivan Martínez
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