Petrotal, the Peru-focused oil-and-gas company, reported that its fourth-quarter and full-year oil-production targets were aided by improved river levels in December. The company achieved an average production of 14,865 barrels of oil per day in the fourth quarter of 2023, and 14,248 barrels of oil per day for the entire year.
December proved to be particularly fruitful, with production averaging 20,090 barrels of oil per day. This increase in production helped Petrotal meet its fourth-quarter goal and the overall production guidance range of 14,000 to 15,000 barrels of oil per day for 2023.
Looking ahead, Petrotal is currently completing the development of Well 16H on the L2 West Platform, with production expected to commence in mid-January 2024. This new well is anticipated to maintain production levels above 20,000 barrels of oil per day for the foreseeable future. Petrotal has also enhanced its oil export barge fleet capacity to over 1.6 million barrels through its trading partner, further supporting its robust production profile.
With high river levels projected to continue, Petrotal expects a strong oil sales profile moving forward.