On this episode of the podcast, we talk to Manolo Zúñiga, President & CEO of PetroTal [LON:PTAL] about the oil company’s assets in Peru, how their remoteness affects development of its sites and the transport of the oil, plus how the business is working to minimise its environmental impact and future plans.
PetroTal has been focused on its Block 95 Bretaña heavy oil field in the Maranon Basin, which is located along the Ucayali River. It first initiated production here in 2018. In January 2024 the company reported quarterly average production of 14,865 bopd. Since early 2022 PetroTal has been the largest crude oil producer in Peru.
PetroTal has been following a conservative financial management strategy which has seen it maintain a debt free balance sheet, maximising free funds flows to investors at the top of the pricing cycle. It aims to extend the drillable development life years of the project out to 10-15 years at more than 25,000 bopd.
