It caused a “breakdown” in part of the electricity distribution network and a power outage
Ecuador’s daily oil production – the country’s main export – fell by 11% due to a power outage that affected more than 700 oil wells, authorities announced Monday.
An electrical “discharge in the atmosphere” (s. lightning) on Sunday, in a region of the country where part of the Amazon rainforest extends and where black gold is mined, caused “damage” to a part of the electricity distribution network, “which affected 728 oil wells,” explained the state-owned oil company, Petroecuador, in a press release it released.
These oil wells, which make up 46% of what the company exploits, are among Petroecuador’s most productive.
Ecuador, a former OPEC member, produced 493,418 barrels of oil on Saturday but only 56,165 on Sunday due to the blackout, according to data from the energy regulator.
Crude oil is one of the main sources of income for the Latin American state. Production reached a total of 479,000 barrels/day from January to November this year. Of this amount, 78% was mined by Petroecuador. 312,400 of the 479,000 barrels were exported, with the government securing revenues of $8.46 billion (with the price at $89 per barrel weighted average), according to the central bank.
Conservative President Guillermo Lasso took office last year promising to increase output to 1 million bpd, but has since lowered the target to 600,000 bpd by the end of his term in 2025.
RES-EMP
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