After learning of the new entry into operation of the pipeline, Petroecuador began to remove the crude oil stored in the tanks and turn on the wells. Thus, the transportation of crude oil through this pipeline is about to reach the average, which is 200,000 barrels per day.
Ecuador's oil production increased by 10,906 barrels between July 2 and 3. Production recovers and coincides with the announcement by the OCP company that the Heavy Crude Oil Pipeline (OCP) resumed pumping crude oil transportation.
More than two weeks ago, the OCP stopped its operation due to the risk that regressive erosion caused by intense rains would affect the pipeline. Two variants had to be built to get it ready again. During this period, Petroecuador had to declare force majeure and begin shutting down several wells.
But this July 3, the company revealed that once that task was completed, the activity was resumed, after the construction of two 2.8-kilometer bypasses in the erosion zone of the Quijos River.
Thus, the country's total production went from 374,651 barrels to 385,557 barrels. Petroecuador's production rose from 294,434 barrels to 305,839 barrels. Meanwhile, oil production by private companies has fallen from 80,271 barrels to 79,717 barrels.
According to Petroecuador sources, after learning of the new entry into operation of the pipeline, Petroecuador began to remove the crude oil stored in the tanks and turn on the wells. According to OCP sources, the transportation of crude oil through this pipeline is about to reach the average, which is 200,000 barrels per day.
The recovery of oil production and the improvement in tax collection would be two factors that have helped to lower the country risk indicator.
This indicator, which measures the distrust of international markets in the timely payment of the external debt, has been decreasing. The lower the indicator, the more confidence there is in the markets in the country. If it is higher it means that there is more distrust.
Since June 24, the country risk was at 1,462 points, but this July 3 it fell to 1,352 points, that is, it fell 110 points in less than 10 days.
