On July 2nd, 2016, Sinopec Service (Ecuador) received a congratulatory letter from the contractor PAM, for the perforation and testing in the negative pressure of JVNE-022, which is a new well of I-L-Y Integrated Oilfield Service, and getting an output for a high yield oil flow of 1,073 barrels per day. This is the second letter after the first letter on the thirteenth day of last month for the first new well, LMNH-062, getting a result on the high yield oil flow for 1,438 barrels per day.
In 2015, SERVICIOS INTEGRADOS PAÑATURI S.A. in Ecuador started the I-L-Y integrated oilfield service project. Thanks to the scientific designs and accurate management, the company smoothed the way for stable movement of the project and the high production. So far, the total number on workover is 3 and newly drilled 2 wells. At present, the output of I-L-Y oilfield is 14,755 barrels per day, 14755 of which are newly added, 24.3 percent higher than before.
The breakthrough of those two wells means the company has made important progress overseas on/in bringing the superiority on compound integration into full play, impelling the transformation on development models and upgrading. In these years, Sinopec Service works hard on exploring new range of services, puts high value-added business in motion, and boosts the transformation and upgrading. Corporacion Estatal Petrolera Ecuatoriana (CEPE) has signed the 15+5 years project contract for I-L-Y integrated oilfield service, on 244.2 sq.km2 oilfields and 81 producing wells. For Sinopec Service, this project is the first independent operation on integrated oilfield service, indicating our entry-into the project owner’s core business areas. The company can take full advantage of Sinopec’s exploration and development integration, achieving the service transformation, and driving the development on high-end business. This project can not only generate profits directly from investment, but also bring steady workload to overseas drilling and workover crews, and increase the earnings on petroleum engineering technology service.(He Ying)