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PetroTal Recommences Oil Production at the Bretana Field
The Peruvian government and communities agree to funding plan Calgary, Alberta and Houston, T...
About this update from Petrotal Corp.
[{"type":"text","content":"PetroTal Recommences Oil Production at the Bretana FieldThe Peruvian government and communities agree to funding planCalgary, Alberta and Houston, Texas--(Newsfile Corp. - September 30, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) (\"PetroTal\" or the \"Company\") is pleased to announce the recommencement of oil production and operations at the Bretana oil field. The recommencement of oil production follows agreements between the indigenous communities in the northeastern region of Peru (inclusive of Loreto, where Bretana is located), Regional governments and the Central Government of Peru, that will see enhanced funding available for these regions to aid community projects.HighlightsPetroTal recommenced operations at the Bretana oil field on September 28, 2020, and as all seven wells continue to be gradually brought into full operation, current production is approximately 11,000 barrels of oil per day (\"bopd\"), approaching the pre shut down level of 11,500 bopd;The indigenous communities and government bodies have reached an agreement that will see increased funding for the local communities;Oil deliveries will commence to the Iquitos refinery immediately, and the Northern Oil Pipeline (\"ONP\") at the Saramuro Pump Station will be ready to receive deliveries of Bretana oil when the barges arrive; and,The Company's stringent Covid-19 protocols continue to ensure that the camp remains safe and operates with minimal downtime.Resolution between Communities and GovernmentsThe Central Government has made three important announcements tackling the social unrest, which was exacerbated by the Covid-19 crisis. These measures will provide a long-term solution to these issues.The first was Supreme Decree Nº 145-2020-PCM1 signed by the President (published August 28, 2020) establishing an investment plan to bridge the income gap among the poor indigenous communities, known in Spanish as the Plan de Cierres de Brechas (\"PCB\"). PetroTal strongly supports this initiative, which provides a six-year financial commitment of approximately US $1.7 billion2 to support development of the communities, of which US $28 million will be designated for economic development of the local communities over the next four months.The second announcement was Ministerial Resolution Nº 268-2020-PCM3 signed by the Prime Minister (published September ...