• Its board of directors approved a budget of US $$140 million and its production target for 2025 is 21,000 to 23,000 barrels of oil per day.
  • It plans to drill four development wells in the Brittany-Lote 95 field, through PetroTal Peru, and the Los Angeles-Lote 131 field, with Ucawa Energy.

PetroTal Corp. ratified its confidence in the development of a sustainable and efficient oil industry in Peruvian jungle lots with the announcement of a budget of US$140 million -more than S/520 million approximately- for its projects and investments in 2025.

With this investment, the company seeks to reach a daily production of between 21,000 and 23,000 barrels of oil (bopd). "Our team has set ambitious goals for 2025, and we are confident that we will meet them while maintaining the operational and financial achievements that strengthen the confidence of the market and the Peruvian government authorities," said Guillermo Flórez, general manager of PetroTal Peru.

Of the US$140 million that PetroTal Corp. will invest this year, US$55 million (S/206 million approx.) will be allocated to drilling and workover activities, including the execution of four development wells in the Bretaña Field in Block 95, operated by PetroTal Peru, and in the Los Ángeles Field in Block 131, operated by Ucawa Energy.

"We are negotiating with Perupetro and we hope to achieve good results that will allow us to drill wells in the Los Angeles field and increase production from this lot to more than 4,000 bopd," said Guillermo Flórez, Ucawa Energy's representative.

Another US$60 million (S/225 million approx.) will be used to develop infrastructure in the Bretaña field, the country's largest crude oil producer, in order to facilitate its expansion. Additionally, US$36.5 million (S/136 million approx.) will be invested in erosion control in Bretaña, capital of the Puinahua district, where this field is located.

"It is necessary that the modification of the environmental impact study presented by PetroTal Peru be approved in the short term to allow these investments, boost production growth, as well as the canon and the social fund," the executive mentioned.

In the exploration area, US$4 million (S/15 million approx.) will be allocated for the permitting and construction of a road to Block 107, jointly operated by PetroTal Peru and Petrolífera Petroleum, following the extension of the period for the development of the exploration program at the Osheki-Kametza prospect.

Finally, the corporation, through Ucawa Energy, plans to begin exploration in blocks XCVII and XCVIII, located in the vicinity of Block 131.

With this ambitious investment plan, PetroTal Corp. reaffirms its commitment to the sustainable energy development of Peru and its contribution to the economic and social growth of the country, with a modern oil activity that respects the environment and seeks to generate positive changes, mainly in its area of influence.