Three key oil discoveries buoy prospects in Peru basins

Peru ended 2005 with three key discoveries, one in a nonproducing basin in the Pacific Ocean and two in the Maranon basin near several large undeveloped heavy oil discoveries.Sechura basin firstThe Sechura basin got its first substantial oil discovery with a well drilled by Petro-Tech Peruana SA in the southwestern extremity of Block Z-2B.The San Pedro 1X well tested at 1,200 b/d of light oil from what is reported to be Paleozoics, which have not been widely prospective in Peru. The well, on the shelf off Paita, was projected to a TD of 7,400 ft in 250 ft of water.Petro-Tech produces 10,000 b/d of oil and 65 MMcfd of gas from offshore fields in the Talara basin on northern Block Z-2B. The...

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