QUITO – State-owned oil company Petroecuador said it broke its daily production record on Tuesday, pumping 156,359 barrels of crude on that day.
Production from Jan. 1 to Nov. 8 totaled 47,096,086 barrels of crude, Petroecuador said in a report.
The state-owned oil company’s goal was to achieve average output of 150,949 barrels per day (bpd).
The production figures in the report indicate that Petroecuador has surpassed its goal by 6.5 percent.
New technologies that allow an “increase in the potential of wells” have boosted production, Petroecuador said.
The production record was set thanks to a shift in production to areas with “better potential” and the use of “geomechanics in wells to reduce risks and optimize drilling times,” the report said.
Ecuador produces some 500,000 bpd of crude, with about 63 percent of output coming from state-owned companies, such as Petroecuador and Petroamazonas, and the rest from private companies that have contracts with the government.
Oil is Ecuador’s main export, generating about 25 percent of public revenues. EFE