Ecuador's Petroamazonas breaks oil production record

Ecuadorian President Rafael Correa announced that state-owned oil company Petroamazonas achieved historic levels of oil production during September 2016, as levels reached 450,105 barrels per day (bpd) (El Telégrafo, 16 October 2016). The 7 September incorporation of production from oil wells at the Tiputini Field in Block 43-ITT contributed to Ecuador’s increased production capacity (Andes). Correa also touted the results of an improved optimization process, which brought production costs to the current level of US$17.57 per barrel, down from US$29.28 in 2014 (El Telégrafo). Petroamazonas expects oil production to reach 470,000 bpd by December 2016 (Andes).