Petrotal in 2010 It has targeted a 30% increase in oil production by 2025
Petrotal, a Peru-focused oil and gas company, aims to increase oil production by approximately 30 percent by 2025, targeting an average output of between 21,000 and 23,000 bopd.
The company reported annual average production of 17,733bopd by 2024, up from 14,248bopd last year.
This comes with the approval by Petrotal’s board of directors of a 2025 capital budget of $140 million, a 14 percent decrease from the 2024 budget of $163 million.
The budget includes $55m for drilling and operations, focusing on four development wells in the Brittany and Los Angeles fields, down from seven wells planned for 2024.
The Brittany field is located in Block 95 in the Loreto region, offshore Peru, and the Los Angeles field is located in Block 131 in the Ucayali Basin.
An additional $60m has been allocated for field infrastructure improvements at Britannia. These improvements include the construction of new drilling rigs to enhance fluid handling capacity and support continued expansion.
In addition, $36.5m will be invested in erosion control at Brittany, approximately 75% of which is earmarked as operating costs.
Manuel Pablo Zuniga-Pfluker, President and CEO of Petrotal, commented: “Petrotal is well positioned to build on the operations we have established in 2024. field. We are one of the very few companies in the oil and gas sector that can support stable dividends while growing production by more than 20% year over year.
“In addition to active development programs in both the Brittany and Los Angeles fields, PetroTal is expanding its exploration activities in the Ucayali Basin, where we recently secured a license contract extension for Block 107 and two new TEAs adjacent to Block 131. Finally, our budget includes erosion control measures for our core resources. It includes, this project in the second quarter of 2026 It must be completed.
The 2025 capital program also includes $4m for exploration activities. This includes permitting and road construction on Block 107, which is reserved for the fifth exploration period to sustain the Osheki-Kametza prospect. Block 107 is located 130 km from the company’s Block 131.
Exploration efforts will also begin near Block 131 under Technical Appraisal Agreements XCVII and XCVIII, which will restore historical boundaries at no cost.
In Block 95, Petrotal will reassess its exploration strategy while awaiting approval for an environmental impact assessment for a 2D seismic survey.
