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PetroTal Announces Approval of Environmental Impact Assessment to Develop the Bretana Oil Field and Signs Pipeline Contract with PetroPeru
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - May 29, 2019) - PetroTal Corp. (TSXV: T...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Announces Approval of Environmental Impact Assessment to Develop the Bretana Oil Field and Signs Pipeline Contract with PetroPeruCalgary, Alberta and Houston, Texas--(Newsfile Corp. - May 29, 2019) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\"), a development and production company focused on oil assets in Peru, is pleased to announce the Company has received approval of the Environmental Impact Assessment (\"EIA\") to fully develop the Bretaña oil field in Block 95. The Company also signed a contract with PetroPeru for access to the existing pipeline for transport of crude oil to commercial markets.The approval of the EIA sets the stage for PetroTal to continue with the full field development of the Bretaña oil field, and allows the Company to fully develop its reserves. The EIA provides the authorization to drill future development wells and install needed production equipment and facilities. The EIA also sets forth 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.Additionally, the Company signed a contract with PetroPeru, the State owned oil company, who operates the North Peruvian Pipeline (\"ONP\") to deliver oil to the Pacific coast via the pipeline. The contract is important to efficiently access commercial markets for the Company's production. PetroTal currently sends oil to multiple markets via barges and trucks, however the use of the pipeline mitigates potential production constraints. The Company plans to access the ONP once it reaches 5,000 barrels of oil per day (\"BOPD\") by mid year. Manolo Zuniga, President and Chief Executive Officer, 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, fro...