The EIA approval allows PetroTal to continue the full field development of the Bretaña oil field and develop its reserves.
Image: The company has also signed a contract with PetroPeru for access to the existing pipeline for transport of crude oil to commercial markets. Photo courtesy of skeeze from Pixabay.
PetroTal, a Peru-based oil production and development company, announced that it has received approval of the Environmental Impact Assessment (EIA) to fully develop the Bretaña oil field in Block 95, Peru.
The company has also signed a contract with PetroPeru, the Peruvian state-owned petroleum company, for access to the existing pipeline for transport of crude oil to commercial markets.
EIA approval enables PetroTal to continue the full field development
The EIA approval allows PetroTal to continue the full field development of the Bretaña oil field and develop its reserves.
PetroTal said that the EIA provides the authorization to drill future development wells and install needed production equipment and facilities.
In addition, the approval also directs the work needed to return the field to its original condition at the end of the license contract, including the safe and environmentally responsible removal of facilities and reforestation of the affected lands.
PetroTal president and chief executive officer Manolo Zuniga said: “I personally congratulate the team in Lima who have worked diligently over the past year and a half to finalize this permit to develop the field and execute the ONP contract. It is a testament to the professional staff we have and the regard for safe and efficient operations that brought this to the finish line.
“Additionally, we want to thank each and every person who reviewed and commented at various levels of the government along the way. It is clear that our team here at PetroTal, most of whom are Peruvian, are working in the best interest of every stakeholder, from the government to employees, to shareholders, and the communities in which we work.”
PetroPeru operates the North Peruvian Pipeline (ONP) to deliver oil to the Pacific coast and the company’s contract with PetroPeru plays key role in accessing the commercial markets for its production.
The company said that currently it is sending oil to multiple markets via barges and trucks, and use of the pipeline will mitigate potential production constraints
Zuniga added: “PetroTal has a commitment to environmentally safe and efficient development of the assets that we have been tasked to develop. Furthermore, to sign the contract for use of the pipeline allows us to continue ramping production for the next several months.
“We have been working diligently to sign this agreement before bringing total Bretaña field production to 5,000 BOPD by mid-year, both of which are key milestones for PetroTal.”