Perupetro, the Peruvian state oil agency, said it will hold bid rounds in early 2001 for offshore blocks left pending since last year.
The first round will offer Blocks Z-4, Z-5, Z-6, and Z-7 off Peru�s north coast. It will also include a neighboring block with acreage released by Petrotech International Corp. of the US, in accordance with the company�s production contract which has completed 7 of its 30 years. Petrotech will retain around half the block, where it produces 12,000 b/d of oil.
The blocks are off Peru�s north coast, east of Block Z-1, where Perez Companc of Argentina is exploring, and Z-3, where US company Occidental Peruana Inc. is exploring.
A second round offering blocks in the Salaverry basin will be held in April or May, and a third later in the year for blocks off the south coast.
Perupetro Pres. Rafael Samaniego said that following a reassessment of the previous geological model for a �floor fan complex� companies will be looking for giant fields in deeper waters off Peru�s coast.
The government in late August reduced the minimum royalty percentage allowed in offshore operations to 10% instead of 15% in 200-400 m of water, and to 5% in waters more than 400 m.
