Pluspetrol-led group wins Camisea contract

A consortium of Argentina's Pluspetrol Resources Corp., Hunt Oil Co. of Peru, and South Korea's SK Corp. Sucursal Peruana, has won the tender for development of the world-class Camisea natural gas fields, 500 km east of Lima.The consortium offered royalties of 37.2% on production of both gas and liquids. The other bidder, Elf Petroleum Peru BV, offered royalties of 35.5%.Camisea, with estimated reserves of 13 tcf of gas and 620 million bbl of condensate, was discovered by Royal Dutch/Shell in the early 1980s, but the company was unable to reach an agreement with Peruvian government. It resumed work in the fields in 1996 under a new agreement with the present government.The fields,...

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