7th Sep 2015 06:55
LONDON (Alliance News) - South America-focused oil and gas company Amerisur Resources PLC on Monday said it has made progress on its interconnector pipeline in Ecuador and is pushing ahead with its plans.
Amerisur said ground preparation for the interconnector pipeline has been completed and the environmental ministry in Ecuador has approved the terms of the licence for the pipeline construction. It expects to complete construction of the pipeline in December and for it to be operational by the end of the year.
"I am very pleased with the progress on the OBA pipeline project, which will have an important impact on our transport costs and hence netbacks in this period of low oil sales prices. We are on track for first oil this year," said Chief Executive John Wardle.
Elsewhere, Amerisur said its production for the period from the end of May to the end of August was 533,428 barrels of oil, averaging out to 4,337 barrels per day. It did not provide an comparison figures.
By Sam Unsted; [email protected]; @SamUAtAlliance
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