Pagoreni development drilling starts in Peru

Peter Howard Wertheim
OGJ Correspondent

RIO DE JANEIRO, June 7 -- The consortium that operates Peru's giant Camisea gas-condensate project is reported to have begun drilling the first of six production wells in Pagoreni gas-condensate field on nearby Block 56. The Camisea fields are on Block 88 of the Peruvian Amazon region.

Pluspetrol, operator of the 2.75-tcf Pagoreni field—called Camisea 2—completed the initial phase of development with acquisition of 363 sq km of 3D seismic data, due to be finished in September (OGJ, July 11, 2005, Newsletter).

It launched the drilling program last week. The group expects to invest $600-700 million in the development of Block 56 and Pagoreni field.

Pluspetrol's Chief Executive Officer Norberto Benito said the field will produce about 600 MMcfd of natural gas, which will be transported to the Malvinas processing plant and then to the Peru liquefaction facility.

Pluspetrol is operator of the consortium operating Blocks 56 and 88 and the Camisea-Pagoreni complex, with 36% interest. Hunt Oil Co. holds 36% interest, SK Corp. 18%, and Tecpetrol (Techint) 10%. Hunt Oil heads the Peru LNG JV with 50% interest in partnership with SK Corp. 30% and Repsol YPF SA 20%. Repsol YPF is responsible for the marketing of Camisea LNG.

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