Peru: ConocoPhillips to exit Maranon basin exploration

ConocoPhillips will withdraw from exploring blocks 123 and 129 in Peru’s Maranon basin and transfer its 45% interest to Gran Tierra Energy Peru SRL, subject to government approval.

ConocoPhillips said the decision to exit the environmentally sensitive area is part of its strategic plan to optimize its portfolio of assets.

The company said it had built strong relationships with 60 communities near the two blocks and had just completed two rounds of seismic exploration on the blocks.

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