PetroTal Exceeds Budget Expectations with Improved Oil Production
PetroTal Corp. has released an operational update, highlighting its progress in oil production and development activities.
The company reported that group production averaged 13,181 barrels of oil per day (bopd) year-to-date, approximately 3% ahead of internal budget expectations.
PetroTal's recent pulling campaign at the Bretana field has improved production deliverability, offsetting natural declines at the field. The company is also planning to resume development drilling in October, with the Estrella drilling rig already on location at Bretana.
The company has executed an agreement with Perupetro to modify the Block 131 License Contract, reducing royalties on incremental production from 23.5% to a sliding scale of 5%, 9%, and 15%. This new royalty framework applies to volumes from new wells and workovers, including those conducted as part of PetroTal's 2025 work program.