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LatinNews Daily - 25 March 2021

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In brief: Ecuador to drill new oil wells in the Amazon

* Ecuador’s state-run oil company, Petroecuador, has announced that it plans to drill 13 additional oil extraction wells in two of its Amazon fields by the end of 2021, with the aim of increasing production. The company plans to drill eight wells in the Tambococha field in the Yasuní national park, and five in the Sacha field. Both fields are located in the eastern Orellana province. Petroecuador general manager, Gonzalo Maldonado, has said that the objective of the new wells is to increase crude oil exports, which contribute significantly to the national budget. “Drilling in Tambococha will allow us to maintain the production curve without there being a natural decline in the field”, he said. The new Sacha wells will increase production by 2,500 barrels per day (bpd). Petroecuador currently produces 397,000bpd but aims to reach a production target of 400,000bpd by the end of March.